Corn futures are trading lower at midsession. The market has been choppy today as futures opened higher on follow-through buying from yesterday's recovery rally and a rebound in energy and metal prices. However, futures setback again due to some technical resistance and light commercial hedge pressure. May is 4 cents lower at $4.22 3/4 and December is 1 1/2 cents lower at $4.07 1/4.



Soybean futures are lower at midday. Spillover pressure from corn and rising soybean production estimates for Brazil and Argentina have kept the market on the defensive. Stability in outside markets such as gold and crude oil has helped limit losses. May is 2 1/4 cents lower at $7.48 1/4 and November is 1 1/4 cents lower at $7.86 1/2.



Wheat futures are trading lower at midday. An early rally attempt failed and trade turned lower along with corn. Improving winter wheat conditions has provided some fundamental pressure. Kansas wheat is rated 64 percent good to excellent, up 2 percent from a month ago. CBOT May is 3 3/4 cents lower at $4.77, KCBT May is 3 3/4 cents lower at $5.04 1/4, and MGE May is 5 1/4 cents lower at $5.10 1/4.



Cattle futures are trading slightly higher at midsession. The market was initially under light technical selling weakness. However, trade has turned higher on support from the sharp jump in boxed beef prices on Monday and recent strength in the cash market. April is 20 cents higher at $97.55 and June is 10 cents higher at $95.53.



Lean hog futures are mixed at midday. The lack of follow-through selling has led to a small short-covering rally in front end contracts. Gains are being limited by steady to lower cash prices and technical weakness following the sharp decline on Monday. April is 15 cents higher at $65.15 and June is 3 cents higher at $75.50.