Corn futures are trading lower at midsession. Large stocks of corn and relatively sluggish export demand continue to weigh on prices. Planting conditions and weather have been generally favorable for early planting progress. May is 2 cents lower at $2.09 3/4.

Soybean futures are higher at midday. Fund activity has been rather light, technically oversold conditions have helped prices rally slightly. Cash basis levels are reportedly steady to firm with crushers in western areas needing supplies. May is 2 cents higher at $6.17.

Wheat futures are trading narrowly mixed this morning. Winter wheat crop conditions were a little less than expected, but nevertheless strong at 68% good to excellent. The markets are becoming oversold, but sluggish export demand is limiting buying interest. CBOT May is 1/2 of a cent lower at $3.16, KCBT May is 1/4 of a cent higher at $3.25 1/4 and MGE is 1/2 of a cent higher at $3.33 1/2.

Cattle futures are trading lower at midday. Fund selling and ideas that the cash market has topped are weighing on futures. Packer margins are strong and boxed beef prices were higher yesterday, but some analysts believe beef prices are topping as well. June is 15 cents lower at $83.98.

Lean hog futures are lower this morning, led by losses in the May contract. The premium of futures to cash is weighing on the market despite cash markets being mostly higher. May is 178 points lower at $76.15.