Corn futures are lower at midsession. Profit-taking and spillover pressure from soybeans and wheat are weighing on the corn market. Outside markets are also pressuring prices as the stock market and crude oil are lower while the dollar index is higher. Rain in the eastern Midwest is an underlying supportive factor as the tail end of planting will be further delayed or some acreage may switch out of corn. July is 7 1/2 cents lower at $4.42 and December is 7 3/4 cents lower at $4.65.



Soybean futures are strongly lower at midday. After rallying to an eight month high in the spot month on Monday, futures have been pressured by profit-taking. The weakness has been triggered by outside market pressure including lower crude oil and stock market and strength in the dollar. Rain in the eastern Midwest is a mixed factor. Later planted soybeans will have less yield potential, but the rain could push some acreage intended for corn to soybeans. July is 19 cents lower at $11.90 and November is 26 3/4 cents lower at $10.55 3/4.



Wheat futures are sharply lower at midday. Strength in the dollar and weakness in the stock market is prompting profit-taking after rallying to eight-month highs earlier this week. There is little fresh fundamental news available for the market. Winter wheat production is expected to be lowered by dryness and the early April freeze in the southern Plains and planting delays and loss of acreage in the northern Plains will limit spring wheat production. CBOT July is 30 1/4 cents lower at $6.39 1/4, KCBT July is 22 1/4 cents lower at $6.96 3/4 and MGE July is 24 1/4 cents lower at $7.68 3/4.



Cattle futures are trading higher at midsession. The market is being supported by short-covering from technically oversold levels despite further weakness in beef prices and the cash market. Light cash trade developed in the North yesterday down about $3 from the previous week on a dressed basis. Choice beef prices have fallen to the lowest level since mid-April. June is 53 cents higher at $79.80 and August is 30 cents higher at $80.95.



Lean hog futures are mixed at midday. Front end futures are down again due to weakness in pork cutout values, declining cash markets and technical selling. Pork cutouts were down $1.18 on Tuesday and poor processing margins are causing packers to lower bids. Deferred contracts are trading higher on a short-covering rally from recent weakness. June is $1.70 lower at $58.05 while October is 65 cents higher at $59.80.