Corn futures are trading lower at midsession. The market is being pressured by profit-taking as funds have turned into sellers today. Weakness in outside commodity markets is leading the losses as crude oil and gold are down sharply. Underlying support is coming from weakness in the dollar and weather in Argentina that is trimming corn yield potential. March is 9 cents lower at $4.18 1/2 and July is 8 3/4 cents lower at $4.39 1/4.



Soybean futures are down strongly at midday. Profit-taking following the rally to 3-month highs yesterday and a broad based commodity sell-off are weighing on soybean prices. In addition, farmer selling has increased due to the rally. Fundamentals remain bullish with weather concerns in Argentina and southern Brazil and strong export demand for U.S. soybeans. March is trading 15 1/4 cents lower at $10.00 3/4 and may is 14 3/4 cents lower at $10.01 1/4.



Wheat futures are lower at midsession. After hitting 3-month highs on Tuesday, profit-taking is weighing on the market. Nearly all commodity markets are selling off today as crude oil and gold lead the way with big losses. Weakness in the dollar index today has failed to provide support. CBOT March is 17 3/4 cents lower at $6.25 3/4, KCBT March is 17 1/2 cents lower at $6.52 1/2 and MGE March is 15 cents lower at $6.69 1/2.



Cattle futures are trading sharply lower at midday. Traders are giving back yesterday's gains as funds have turned to sellers amid a broad based sell-off across the commodity markets. Talk that packers may trim slaughter schedules rather than pay higher prices for cattle this week is also a bearish factor. February is $2.10 lower at $86.45 and April is $1.68 lower at $89.65.



Lean hog futures are mostly lower at midsession. The February contract was supported at times by the $2.54 jump in pork cutouts on Tuesday and firm cash prices again today. However, commercial and speculative selling has pushed the nearby and most deferred contracts lower amid a general sell-off in the commodity markets. Crude oil and gold are posting strong losses so far today. February is 20 cents lower at $63.75 and April is 80 cents lower at $70.05.