Corn futures are trading lower at midsession. Gains in crude oil and initially soybeans provided early support. But futures turned lower on profit-taking and continued correction in the soybean/corn ratio that last week had turned in favor of corn. May is 1 1/2 cents lower at $3.90 and December is 1 1/4 cents lower at $4.20.



Soybean futures are mixed at midday. Front end contracts have turned lower on profit-taking from recent gains. However, deferreds are holding higher as the soybean/corn ratio is still being corrected. The Argentine government and farmers continue to disagree on farm policy, which potential could lead to farmer strikes and additional export business for the U.S. May is 4 1/2 cents lower at $9.06 1/2 while November is 3 3/4 cents higher at $8.54 1/4.



Wheat futures are mixed at midday. Concern about dry weather stress on the wheat crop in the southern Plains remains a bullish concern. Forecasts show little chance of significant rainfall over the next several days and 6-10 day outlooks have backed off of possible rain. But weakness in corn and soybeans helped push some contracts lower at midday. CBOT May is 2 cents higher at $5.46 1/4, KCBT May is 1 1/2 cents lower at $5.95 3/4 and MGE May is 1 cent lower at $6.32.



Cattle futures are trading lower at midsession. Concern about the economy and how that may slow demand for beef remains a bearish factor. Boxed beef prices were lower on Monday. Packer margins are still in the red, which will limit the cash market this week. While cattle supplies are expected to tighten, showlists are larger this week compared to last. April is 60 cents lower at $83.85 and June is 55 cents lower at $81.53.



Lean hog futures are mostly lower at midday. Weakness in the cash market continues to drive front end contracts lower. Packers remain cautious despite margins that have turned positive. Pork prices have rallied recently, but concern about the economy remains a limiting factor. Deferred contracts have turned somewhat higher in part by better than expected January pork export data. April is 80 cents lower at $61.95 and June is 53 cents lower at $73.55.