Corn futures are lower at midday. Profit-taking on recent strength, spillover selling from soybeans, and weakness in the crude oil market are weighing on corn futures. Further losses are being limited by reports of export business and some concern that cool and wet weather over much of the Midwest through next week will slow spring fieldwork. May is 5 3/4 cents lower at $3.88 and December is 5 3/4 cents lower at $4.19 1/2.

Soybean futures are trading lower at midsession. The market is being pressured by profit-taking and spillover pressure from the crude oil market. There is little fresh bullish news to rally the market, with the Argentine farmer strike already priced into the market. May is 11 3/4 cents lower at $9.55 1/4 and November is 12 cents lower at $8.84 1/2.

Wheat futures are strongly lower at midday. Spillover pressure from corn and soybeans along with forecasts for beneficial rainfall in the southern Plains are pressuring wheat prices. Rainfall is expected over the next several days in the drier areas of the HRW wheat belt. CBOT May is 10 1/4 cents lower at $5.24 3/4, KCBT May is 11 cents lower at $5.77 and MGE May is 8 cents lower at $6.21.

Cattle futures are trading lower at midsession. After a firm open, the futures market fell on reports that packers had backed off of higher bids seen on Tuesday. Packers are now expected to bid no better than steady with last week as margins remain very poor. Strength in the stock market and firm beef prices on Tuesday are helping to limit losses. April is 30 cents lower at $85.15 and June is 43 cents lower at $82.95.

Lean hog futures are mixed at midday. Some months are being supported by the improved packer margins and tightening hog numbers that have helped stabilize the cash market. However, most deferred contracts are lower on the premium held to the cash market and positioning ahead of the Quarterly Hogs and Pigs report due out on Friday. April is 30 cents higher at $61.65 while June is 35 cents lower at $72.80.