Corn futures are trading lower at midday. Continued profit-taking from the rally to three-month highs on Tuesday is keeping the market on the defensive. Weaker cash basis levels and quiet export markets are also bearish factors. March is 3 1/2 cents lower at $2.14 3/4 and May is 3 1/4 cents lower at $2.23 3/4.



Soybean futures are strongly lower at midsession. After rallying to four-month highs early this week, the market is being pressured by fund and commercial selling. Two deaths in Turkey suspected of being from bird flu is also a negative factor. January is 11 cents lower at $6.10 and March is 11 1/4 cents lower at $6.21.



Wheat futures are lower at midday. Weakness was attributed to technical selling and disappointment that Egypt bought Australian and Russian wheat rather than U.S. supplies. CBOT Mar is 5 1/4 cents lower at $3.41, KCBT Mar is 3 1/2 cents lower at $3.87 and MGE Mar is 3 3/4 cents lower at $3.91 1/2.



Cattle futures are trading mixed at midsession. Futures are waiting for some direction from the cash market. Firm choice beef cutouts and the ability of futures to recover from early losses on Wednesday provided early support. February is 8 cents higher at $96.55 and April is 8 cents lower at $94.80.



Lean hog futures are lower at midday. Spillover weakness from yesterday and steady to lower cash bids this morning are weighing on the market. Packer margins are favorable, but most plants have needs covered through the weekend. February is 3 cents lower at $64.03 and April is 30 cents lower at $67.13.