Corn futures are trading lower at midday. Weakness in the soybean and wheat pit has spilled over into corn. Fund buying had been supportive during the recent rally, but technical selling has returned today amid generally bearish fundamentals. July is 3 1/2 cents lower at $2.18 1/4.



Soybean futures are lower at midsession. Technical selling picked up this morning when the July contract fell below support at the 10-day moving average. Speculators and funds appear to be in control of the market. July is 10 1/4 cents lower at $6.33 1/4.



Wheat futures are weak at midday. Gains earlier this week moved futures to overbought levels and losses this morning are attributed to technical selling. Fundamentals remain negative with stiff export competition and generally favorable wheat condition ratings. CBOT Jul is 4 1/2 lower at $3.29, KCBT Jul is 7 1/2 lower at $3.29 1/2 and MGE Jul is 5 1/4 lower at $3.45.



Cattle futures are strongly lower this morning. Weakness is being attributed to commercial selling and concern that the market is near a top. However, cash fundamentals remain favorable this week with tight supplies of market ready cattle and rising beef prices. April is 140 points lower at $92.50 and Jun is 123 lower at $85.90.



Lean hog futures are narrowly mixed at midday. Front end futures are being supported by the cash market trading steady to $1 higher and an uptick in pork cutout prices the past few days. Deferred are lower on profit-taking. June is 15 points higher at $76.90.