Corn futures are trading lower at midsession. The market is being pressured by profit-taking and continued talk of a big jump in corn acreage this spring. Soybean/corn spread activity has been noted as a big portion of the area is expected to come from soybeans. March is 3 1/4 cents lower at $3.98 3/4 and December is 3 1/4 cents lower at $3.94.



Soybean futures are lower at midday. After opening higher and hitting 1 1/2 year highs, profit-taking has pushed prices slightly lower. Old-crop fundamentals remain bearish, but new-crop could shape up differently if a significant amount of acreage is shifted away from soybeans this spring. March is 3/4 of a cent lower at $7.36 and November is 1 3/4 cents lower at $7.88.



Wheat futures are trading lower at midsession. The market has been choppy as early strength was short-lived with lower corn trade pulling wheat lower. Cold temperatures are invading the Plains, but the threat of winterkill is minimal due to generally adequate snowcover. CBOT Mar is 2 1/4 cents lower at $4.59, KCBT Mar is 2 cents lower at $4.85, and MGE Mar is 1 1/2 cents lower at $4.92.



Cattle futures are trading strongly higher at midday. Fund buying helped the April through December contracts post new highs. Strength in the cash market late last week and the supportive Cattle Inventory report are bullish factors. Cash cattle traded at $89 in the southern Plains, up $2 from the previous week. February is $1.40 higher at $92.45 and April is $1.18 higher at $95.65.



Lean hog futures started higher, but as of midsession are mixed. Profit-taking and the premium of futures to cash are bearish factors for the February contract. However, the cash market should find support this week from cold weather that continues to disrupt marketings. Packer margins turned negative last week, but pork cutouts were higher on Friday. February is 5 cents lower at $65.30 and April is 20 cents higher at $68.50.