Corn futures are lower at midsession. Spillover pressure from soybeans and the decline in crude oil prices are weighing on the corn market. Losses are being limited by improving export demand. Weekly export sales were marketing year highs the past two weeks. March is trading 3 1/4 cents lower at $3.81 1/4 and May is 3 1/2 cents lower at $3.92.

Soybean futures are trading weaker at midday. Improved crop weather in Argentina this week and weakness in the crude oil market are weighing on futures. In addition, weekly export sales reported this morning were at the low end of trade estimates. Census Bureau crush in December was near trade expectations, but down from the previous month and sharply below year-ago. March is 11 1/2 cents lower at $9.74 and May is 12 cents lower at $9.78.

Wheat futures are strongly lower at midday. Spillover weakness from outside markets and corn and soybeans are weighing on prices. But sluggish export demand is helping to extend losses. USDA reported old-crop sales at only 0.9 million bushels last week, a marketing year low. Strength in the dollar today will make U.S. wheat less competitive on the world market. CBOT March is 16 1/2 cents lower at $5.78 3/4, KCBT March is 16 1/2 cents lower at $6.09 1/2 and MGE March is 15 1/2 cents lower at $6.57 3/4.

Cattle futures are mostly higher at midsession after rallying from the lows. The February contract hit new lows this morning before short-covering helped rally the market. Early losses were driven by technical selling and weakness in the cash market. Boxed beef prices were lower again on Wednesday and light cash trade developed at $80 live and $130 dressed yesterday, down $2 from last week. February is 38 cents higher at $81.55 and April is 10 cents higher at $84.53.

Lean hog futures are mixed at midday. Short-covering from technical oversold conditions and firm cash prices yesterday helped support the front end contract. But most deferreds are lower, pressured by Russia banning pork from some U.S. packers due to food safety violations. Packer margins remain poor and pork cutouts were down 52 cents yesterday. February is 38 cents higher at $57.10 and April is 5 cents lower at $61.30.