Corn futures have gapped lower this morning. The market is making a correction from recent gains with spillover pressure being noted from other commodities. Bearish supply side fundamentals are keeping the market in check although losses are being limited by the potential for fund buying. May is 6 1/2 cents lower at $2.33 and December is 6 1/4 cents lower at $2.59 1/4.



Soybean futures are strongly lower at midday. Bearish fundamentals are weighing on the market, with technical selling extending losses. Harvest progress is expanding in Brazil and new bird flu cases continue to be discovered. In addition, there are rumors that China is switching some purchases from the U.S. to Brazil. May is 13 cents lower at $5.93 and November is 11 1/2 cents lower at $6.16.



Wheat futures are trading lower at midsession. Forecasts for several chances of rain in the hard red winter wheat belt over the next couple of weeks and disappointment over the lower-than-expected sale of wheat to Iraq are weighing on the market. CBOT May is 7 3/4 cents lower at $3.77 1/4, KCBT May is 9 cents lower at $4.36 1/2 and MGE May is 10 3/4 cents lower at $4.18.



Cattle futures are trading lower at midsession in light volume. April has slipped to a new 22-week low as traders are rolling positions to deferred months. Declining beef prices and cash trade at generally $1 lower prices last week are bearish factors. April is 32 cents lower at $85.70 and June is 25 cents lower at $81.45.



Lean hog futures are trading lower at midday. Technical selling is weighing on the market despite firm cash markets. There is concern that packers will lower cash bids lower later this week to help preserve packer margins. April is 60 cents lower at $61.40 and June is 60 cents lower at $69.90.