Corn futures are trading lower at midday on a correction from recent gains. Fund buying has dried up now that recent short-covering has eliminated the previously held short position. May is 2 1/4 cents lower at $2.20 1/2.

Soybean futures are lower at midsession. Technically overbought conditions have led to some profit-taking. Producer selling has picked up with the rally and with funds taking a breather after recent gains, the market has turned a little lower. May is 3 1/2 cents lower at $6.18 1/2.

Wheat futures are lower at midday on a technical setback from recent gains. Fund buying has been the driving factor behind the recent rally, but the funds appear to be taking a break this morning. May is 4 3/4 cents lower at $3.40 1/2, KCBT May is 6 cents lower at $3.51 1/2, MGE May is 6 cents lower at $3.59.

Cattle futures are trading higher at midday. Cash trade is expected to be steady to $1 higher this week due to firm boxed beef prices and tighter showlists. However, market action may be limited due to uncertainty over court action against the Canadian border opening. April is 65 points higher at $86.70.

Lean hog futures are higher at midsession with new contract highs set in the summer months. Firm cutouts have led to fund buying despite talk that pork plants will slow slaughter due to poor margins. April is 58 points higher at $74.80.