Corn futures are trading lower at midsession. Spillover weakness from soybeans and concern that the global economy could trim demand for corn kept prices on the defensive. The market remains in a trading range with little fundamental news available. USDA left U.S. supply/demand estimates unchanged in the February update. March is 2 1/2 cents lower at $3.74 1/4 and May is 3 1/4 cents lower at $3.83 3/4.



Soybean futures are lower at midday. Better than expected rainfall in Argentina is pressuring prices even though forecasts look mostly warm and dry for the next week to ten days. The market also continues to be concerned about the global economy and weakened demand for soybeans and soy products. March is 4 cents lower at $9.90 and May is 4 1/2 cents lower at $9.95 3/4.



Wheat futures are on the defensive at midsession, with spillover pressure from corn and soybeans and concern about the global economy weighing on trade. The dollar index continues to trend higher, making U.S. wheat less competitive on the global export market. CBOT March is 6 1/2 cents lower at $5.49 1/2, KCBT March is 7 cents lower at $5.82 and MGE March is 7 cents lower at $6.46 1/4.



Cattle futures are trading mixed at midsession. The market was initially supported by recent strength in the cash market and firm beef prices on Friday. But the rally gave way to profit-taking in light volume trade that pushed some contracts lower. Cash cattle traded at mostly $83 in the southern Plains last week and the market is looking for steady to firm trade again this week. February is 13 cents lower at $87.93 while June is 10 cents higher at $85.50.



Lean hog futures are mostly lower at midday. Strength in the cash market and firm pork cutout values are supporting the soon to expire February contract. But most other months are lower on some profit-taking from yesterday's rally and concern about the economy and possible negative effects on pork demand. April is 20 cents lower at $62.10 and June is 25 cents lower at $74.80.