Corn futures are trading lower at midday. The market is under pressure following the CFTC report that showed index funds holding a larger than expected long position. Commodity markets are generally weak as crude oil is also posting sizable losses today. March is 7 3/4 cents lower at $3.55 3/4 and December is 5 1/2 cents lower at $3.59 1/4.



Soybean futures are moderately lower at midsession. Spillover weakness from corn and technical selling are weighing on the market. Fundamentals are generally bearish given the large stocks of soybeans in the U.S. and the favorable crop conditions in South America. March is 10 3/4 cents lower at $6.66 1/2 and November is 9 cents lower at $7.16.



Wheat futures are trading lower at midday. Fund rebalancing and spillover weakness from corn are weighing on the market. In addition, beneficial precipitation is in the forecast for the Plains. The KCBT has tested chart support just below $4.74 on the March contract, but has currently held that level. CBOT Mar is 5 cents lower at $4.59, KCBT Mar is 4 1/4 cents lower at $4.74 3/4 and MGE Mar is 5 1/4 cents lower at $4.77.



Cattle futures are trading higher at midday. The market is being supported by rising boxed beef prices and forecasts for another winter storm to hit the Plains. Gains are being held in check by limited buying interest following the recent runup. February is 13 cents higher at $93.38 and April is 35 cents higher at $94.80.



Lean hog futures are steady to lower at midsession. Futures premium to the lean hog index and long liquidation in the February contract due to the Goldmann Roll are weighing on the market. Losses are being limited by oversold conditions and mostly steady cash markets. February is 5 cents lower at $60.25 and April is unchanged at $63.95.