Corn futures are lower at midsession. Spillover selling from yesterday's weakness is weighing on the market. Fund buying has pushed prices higher recently, but fund activity is quiet today. Fundamentals remain bearish due to the large stocks of corn. March is 3 1/4 cents lower at $2.17 1/2 and May is 3 cents lower at $2.28 1/4.

Soybean futures are trading lower at midday. The market is in consolidation mode with little fresh fundamental news. NOPA crush of 145.6 million bushels was slightly supportive as it was above trade expectations at 143.5 million bushels. March is 1 3/4 cents lower at $5.82 1/2 and May is 2 1/4 cents lower at $5.95 1/2.

Wheat futures are lower at midsession. Follow-through selling from yesterday's sharp drop is weighing on the market. Disappointment over Iraq shutting out the U.S. in the recent export tender remains a bearish factor. CBOT Mar is 3 1/4 cents lower at $2.17 1/2, KCBT Mar is 4 3/4 cents lower at $4.10 1/4 and MGE Mar is 5 1/4 lower at $3.94 1/4.

Cattle futures are slightly lower at midday. Futures opened higher on short-covering, but the market turned lower due to the quiet cash market. Packers are dealing with negative margins, but feedlots are holding out for improved bids due to relatively tight supplies. April is 10 cents lower at $89.00 and June is 13 cents lower at $83.45.

Lean hog futures are firm at midsession. Firm cash markets continue to provide support. Gains are being limited by concern that cash prices could turn lower soon if packer margins remain in the red. The February contract expires at noon today. April is 13 cents higher at $62.73 and June is 15 cents higher at $70.10.