Corn futures are trading lower at midsession. Speculative long liquidation and weakness in outside markets, particularly gold, have kept the market on the defensive. Futures made a run at higher prices thanks to some commercial buying, but gains were short-lived. May is 4 3/4 cents lower at $4.23 1/4 and December is 4 cents lower at $4.09 1/4.

Soybean futures are lower at midday. Weakness in corn is weighing on the market as well as the decline in gold futures. Losses are being limited by crude oil currently holding near steady, which has helped soybean oil trade slightly higher. May is 4 1/2 cents lower at $7.57 1/2 and November is 3 1/2 cents lower at $7.96.



Wheat futures are trading steady to lower at midsession. Long liquidation is weighing on futures again with weakness in corn pushing prices slightly lower. The lack of technical damage on the charts and tightening old crop supplies are helping to limit losses. CBOT May is 1 cent lower at $4.78, KCBT May is 1 3/4 cents lower at $5.03 1/2, and MGE May is 1/2 cent higher at $5.14.



Cattle futures are higher at midday. Expectations for firm cash trade this week are supporting front end contracts. Beef prices have been moving lower this week, but projections for tighter supplies of market ready cattle are helping prices rally today. April is $1.15 higher at $97.30 and June is 80 cents higher at $95.18.



Lean hog futures are trading narrowly mixed at midsession. Short-covering from the losses yesterday are helping to pull front end contracts higher. However, weakness in pork cutout values this week and tight packer margins have limited buying interest. April is 33 cents higher at $66.45 and June is 15 cents higher at $76.85.