Corn futures are trading slightly lower at midsession. The market is drifting lower following the recent fund buying rally. News is limited, but record global feed grain supplies and only routine export business remain negative underlying factors. May is 1/4 of a cent lower at $2.13.



Soybean futures are steady to lower at midday. Technical selling is weighing on futures after the recent rally. Crop losses in southern Brazil seem to be factored into the market and forecasts call for chances of rain in Brazil and Argentina. May is trading 1/4 of a cent lower at $5.15 3/4.



Wheat futures opened lower, but have turned higher as of midsession. The market has bounced off of recent losses despite little fresh news. Cooler than normal temperatures for the central U.S. are expected to keep wheat in dormancy. CBOT May is 2 1/2 cents higher at $3.34 3/4, KCBT May is 3/4 of a cent higher at $3.43 1/4. MGE May is 1 cent higher at $3.51 1/4.



Cattle futures are trading higher at midday. The market is being supported by sharply higher boxed beef prices and ideas of firm cash trade. Ideas are that the ban on Canadian cattle imports could drag on for months. April is 5 cents higher at $88.95.



Lean hog futures are higher at midsession. Higher cash hog prices and strong pork exports are supportive factors. Gains are being limited by futures premium to the cash market. April is 70 cents higher at $76.20.