Corn futures are trading lower at midsession. The market is being pressured by the decline in the stock market and weakness in crude oil. However, losses are being limited by the cool and wet weather over much of the Corn Belt and forecasts for more rain that will lead to some planting delays. May is 3 1/2 cents lower at $4.02 and December is 3 1/2 cents lower at $4.33 1/4.



Soybean futures are mixed at midday. Old-crop contracts are being supported by concerns about tightening old-crop stocks. Export demand remains strong and lowered production forecasts for Argentina point to increased business for the U.S. USDA will update supply/demand numbers on Thursday. However, new-crop is lower on weakness in outside financial markets. May is 7 cents higher at $10.01 while November is 1/2 of a cent lower at $9.11 1/2.



Wheat futures are trading higher at midsession. Outside market weakness initially pressured prices, but futures turned higher on concern about the cold weather snap in the southern Plains that may have damaged some of the wheat. Gains are being limited by the strength in the dollar and weakness in the stock market. CBOT May is 3/4 of a cent higher at $5.57 3/4, KCBT May is 4 cents higher at $6.07 and MGE May is 4 3/4 cents higher at $6.74.



Cattle futures are trading mostly lower at midsession. Outside markets are weighing on futures, with the weakness in the stock market and crude and strength in the dollar. However, losses are being limited by strength in the cash market last week and expectations for firm bids again this week. In addition, boxed beef prices moved higher on Monday with Choice cutouts up $1.21. June is 28 cents lower at $74.10 and August is 18 cents lower at $84.90.



Lean hog futures are mixed at midday. The $1.20 drop in pork cutouts values yesterday and declining cash markets are weighing on front end contracts. Outside markets are pressuring prices as the stock market is lower and the dollar index is higher. However, some deferreds have pulled higher at midsession on a short-covering bounce. April is 48 cents lower at $59.25 while June is 5 cents higher at $72.80.