Corn futures are trading lower at midsession. The market is being pressured by favorable weekend rainfall in Argentina and only routine export demand. USDA's bearish supply/demand revisions last week remains an underlying bearish factor. March is 3 1/2 cents lower at $2.10 and May is 3 1/2 lower at $2.19 1/2.



Soybean futures are trading lower at midday. Improved crop conditions in Argentina following weekend rainfall and forecasts for rain in southern Brazil are weighing on the market. NOPA December crush at 142.2 million bushels fell below trade expectations of 145 million. March is 4 cents lower at $5.72 1/2 and May is 3 1/2 cents lower at $5.82.



Wheat futures are lower at midday. Technical selling is weighing on the CBOT with sell-stops extending losses. Competition for global exports remains strong as Egypt rejected U.S. wheat in a weekend tender. Weekly export inspections were disappointing at only 11.8 million bushels. CBOT Mar is 5 3/4 cents lower at $3.29, KCBT Mar is 5 cents lower at $3.78 1/4 and MGE Mar is 4 1/4 cents lower $3.87 3/4.



Cattle futures are trading higher at midsession. Ideas that cash cattle could trade up $1 this week is offering support. Export news continues to be positive with Taiwan likely to soon lift the ban on U.S. beef imports. February is 100 points higher at $96.58 and April is 53 points higher at $94.93.



Lean hog futures are firm at midday. Short-covering from recent losses is supporting the futures market. Cash prices have fallen sharply recently, but packer bids are mixed this morning. February is 30 cents higher at $59.30 and April is 18 cents higher at $65.05.