Corn futures are trading slightly lower at midday. The market has held in a tight range as light spillover technical selling and beneficial rainfall in Argentina weighs on the market. Losses are being limited by the potential for additional fund buying. March is 3/4 of a cent lower at $2.20 3/4 and May is 3/4 of a cent lower at $2.31 3/4.



Soybean futures are slightly higher at midsession. The light gains are being attributed to a small technical bounce following strong losses the past two sessions. Fundamentals remain generally bearish. Census crush for January at 151.5 million bushels was slightly below trade expectations. March is 1 3/4 cents higher at $5.75 3/4 and May is 2 cents higher at $5.88 1/2.



Wheat futures are trading higher at midday. Speculative buying has returned to the market following the recent correction from new highs. Poor wheat conditions in the Plains remains a supportive factor with forecasts showing little chances of significant rain. CBOT Mar is 1/2 of a cent higher at $3.66, KCBT Mar is 1/2 of a cent higher at $4.32 and MGE Mar is 1 3/4 cents higher at $4.15.



Cattle futures are mixed at midsession. The deliverable February contract has been supported by higher boxed beef prices and firm cash trade in Nebraska on Wednesday. However, deferred contracts are lower on ideas that the Cattle on Feed report due out Friday afternoon will be bearish. April is 25 cents lower at $87.95 and June is 40 cents lower at $83.05.



Lean hog futures are slightly lower at midday. The market had made a small recovery from yesterday's losses. However, futures turned lower on concern that poor packer margins will lead to a weaker cash market in the near-term. April is 8 cents lower at $61.95 and June is 20 cents lower at $67.20.