Corn futures are trading slightly lower at midday. Light consolidation trade is weighing on the market. However, losses are being limited by the recent strength in export demand and ideas of further fund buying interest. March is 3/4 of a cent lower at $2.22 and May is 3/4 of a cent lower at $2.32 1/4.



Soybean futures are higher at midsession. The small gains are being attributed to a mild recovery from yesterday's losses. Gains are expected to remain limited ahead of the Supply/Demand report due out Thursday that is expected to show an increased ending stocks number. March is 3 cents higher at $5.90 and May is 2 1/4 cents higher at $6.02 3/4.



Wheat futures are mostly lower at midday. Overbought technicals are weighing on the KCBT following the recent surge higher. Losses are being limited by the drought in the Plains and forecasts that remain dry. CBOT Mar is 1/2 of a cent lower at $3.54 1/2, KCBT Mar is 1 1/4 cents lower at $4.16 1/4, and MGE Mar is 1 cent higher at $4.05.



Cattle futures are slightly higher at midsession. Light short-covering is offering support as traders are waiting for cash trade to develop. Declining boxed beef prices are expected to keep pressure on packer bids, but lower cash trade this week is already factored into futures. April is 28 cents higher at $90.15 and June is 28 cents higher at $84.20.



Lean hog futures are trading higher at midday. Strength in the cash market is helping push prices higher today. Packers have raised bids to obtain supplies despite sluggish demand for pork and narrow packer margins. April is 63 cents higher at $61.95 and June is 28 cents higher at $68.80.