Corn futures are lower at midsession. Light profit-taking from the big gains yesterday is weighing on futures. Losses are being limited by forecasts for cool and wet weather in the Midwest next week, which will delay spring fieldwork. May is 1/2 of a cent lower at $3.96 and December is 1/2 lower at $4.27 3/4.

Soybean futures are mixed at midday. New-crop months are lower on profit-taking from recent gains. Reports that China has purchased more soybeans from the U.S. are supporting most old-crop contracts. Strength in crude oil and the stock market are also supportive factors although that is being countered by a rebound in the value of the dollar. May is 4 1/4 cents higher at $9.44 1/2 while November is 5 1/4 cents lower at $8.87 1/4.

Wheat futures are trading lower at midsession. Profit-taking on the strong rally yesterday and forecasts for some rain in the Plains are weighing on the futures market. Some rainfall is expected next week in the eastern portion of the Plains, although the driest areas in the west are not expected to pick up much rain. The rebound in the value of the dollar is also a bearish factor. CBOT May is 8 1/4 cents lower at $5.47, KCBT May is 11 3/4 cents lower at $5.94 1/4 and MGE May is 6 cents lower at $6.33 1/4.

Cattle futures are trading mostly higher at midday. Firm cash sales in Nebraska on Thursday and short-covering ahead of the Cattle on Feed report due out this afternoon are providing support. Traders are looking for the number of cattle on feed to be down 5% from last year. However, gains are being limited by weaker beef prices. Choice cutouts were down $1.21 yesterday. April is 75 cents higher at $85.50 and June is 43 cents higher at $83.55.

Lean hog futures are mostly higher at midsession. The sharp jump in pork cutouts yesterday of $1.87 is helping to rally futures. Packer margins have turned positive and with hog supplies expected to tighten, cash markets should begin to recover soon. Gains are being limited by positioning ahead of the Cold Storage report due out this afternoon. April is 35 cents higher at $62.40 although June is 20 cents lower at $74.75.