Corn futures are trading slightly lower at midday. Forecasts for good planting weather and large global stocks of feed grains are keeping the market on the defensive. The nearby is being underpinned by firm basis levels amid light country movement. May is 3/4 of a cent lower at $2.06 3/4.

Soybean futures are steady to lower at midday after opening higher. Fundamentals are mixed. Hedge selling from the South American harvest and sluggish export demand are weighing on futures. But strong crush and uncertainty about the planting season are limiting losses. May is 1/2 of a cent lower at $6.16 1/2.

Wheat futures are trading lower at midsession. Favorable weather for the winter wheat crop and the lack of supportive export business is keeping the market on the defensive. Short-covering ahead of the close could limit losses today. CBOT May is 1 cent lower at $3.08, KCBT May is 1 cent lower at $3.21 and MGE May is 3/4 of a cent lower at $3.24 1/2.

Cattle futures are lower at midday. The market has been supported the past couple of sessions by the firm cash market this week. But futures are lower today on some profit-taking ahead of the weekend. April is 48 cents lower at $89.45 and June is down 45 cents at $84.40.

Lean hog futures are higher at midday. Firm cash fundamentals and some short-covering are supporting futures despite the current premium to cash. Cash markets are mixed this morning in limited trade. May is 20 cents higher at $75.55 and June is up 65 cents at $77.90.