Corn futures are trading steady to slightly lower at midday. The market remains in consolidation mode following the recent fund short-covering led rally. Fundamental remain unchanged with large supplies, strong domestic demand and sluggish exports. May is 1/2 of a cent lower at $2.17 1/2.

Soybean futures have traded both sides this morning, but are slightly higher at midsession. Weather conditions remain warm and dry in southern Brazil and Argentina, but forecasts are calling for chances of rain early next week. May is 1 3/4 cents higher at $6.29.

Wheat futures are lower at midsession. Technical weakness is weighing on futures as the market remains near overbought levels. Quiet exports last night and EU's increased export subsidies are also negative factors. CBOT May is 1/2 of a cent lower at $2.17 1/2, KCBT May is 2 1/2 lower at $3.45 3/4 and MGE May is 3 1/4 cents lower at $3.58.

Cattle futures are trading mostly lower at midday. The market opened higher and June set a new contract high before some profit-taking pushed prices lower. April is slightly higher due to this week's cash strength. April is 10 cents higher at $88.80.

Lean hog futures are trading lower at midsession. Pre-weekend profit-taking following the recent runup and futures premium to cash are weighing on the market. April is 40 cents lower at $75.70.