Corn futures have been choppy this morning, but are slightly lower at midday as the market consolidates recent gains. Early strength in the stock market and firm crude oil prices have helped push prices higher at time, but losses in soybeans and the stock market turning lower have pushed prices lower. May is 1/2 of a cent lower at $3.84 3/4 and December is 3/4 of a cent lower at $4.15.



Soybean futures are trading lower at midsession. Profit-taking from recent gains and ideas of much larger acreage this year are weighing on the market. A couple of private acreage estimates were released this morning and they had soybean acreage above 80 million compared to the 75.7 million acres planted in 2008. Losses are being limited by strength in crude oil. May is 7 cents lower at $8.75 1/2 and November is 11 cents lower at $8.30 1/2.



Wheat futures are trading lower at midday. Profit-taking and position evening ahead of the weekend are weighing on the wheat market. Sluggish export demand and large world wheat stocks remain bearish factors. However, losses are being limited by weakness in the dollar and the initial strength in the stock market. CBOT May is 8 cents lower at $5.17, KCBT May is 7 3/4 cents lower at $5.68 1/4 and MGE May is 6 cents lower at $6.11 3/4.



Cattle futures are trading higher at midday. The market is being supported by the initial strength in the stock market, weakness in the dollar, and higher beef prices. Cash trade has been mixed this week, but traders are still looking for firm cash bids today despite mostly $1 lower trade in the Plains yesterday at $81. Boxed beef prices were higher on Thursday and there is optimism that demand will improve seasonally. April is 55 cents higher at $84.45 and June is 20 cents higher at $82.03.



Lean hog futures are higher at midsession. The jump in pork cutouts on Thursday is providing support. Packer margins remain negative, but did improve with the $1.62 gain in pork. Expectations for tighter hog supplies and seasonal improvement in pork demand remain bullish factors. April is 78 cents higher at $63.00 and June is 45 cents higher at $74.20.