Corn futures are trading lower at midday. Consolidation of recent gains continues today with some spillover pressure from soybeans. Fundamentals remain unchanged, but generally bearish given the large stocks and export competition from Argentina. March is 2 cents lower at $1.98.

Soybean futures are lower at midsession. Traders are selling off some of the recent gains and some premium is being lost due to improved chances of rain in South America. March is 3 cents lower at $5.32 1/4.

Wheat futures are lower again this morning. Traders are extending yesterday's losses. The MGE is again leading the way down due to weakness in the cash market amid increased country movement in the northern Plains. CBOT Mar is 5 1/4 cents lower at $2.94, KCBT Mar is 4 1/4 cents lower at $3.26 1/4 and MGE Mar is 7 1/4 cents lower at $3.28 1/2.

Cattle futures are mixed at midday. The market is waiting for cash trade to develop, but ideas of Canadian cattle imports in March remains an underlying bearish factor for deferreds. April is 33 cents higher at $87.35.

Lean hog futures are higher at midsession. Strength in pork cutouts on Tuesday and higher cash trade this morning are supporting the market. Slaughter levels remain high as packers try to take advantage of margins. April is 125 points higher at $74.25.