Corn futures are trading moderately lower at midday. Improved soil moisture levels ahead of planting and spillover weakness from other commodities are weighing on futures. Technical selling is also a factor as futures could not push into the chart gap above the market on Friday. May is 4 3/4 cents lower at $2.29 3/4 and December is 4 cents lower at $2.59.

Soybean futures are lower at midsession. Speculative selling and recent Midwest rainfall that has improved soil moisture levels are weighing on the market. Increasing harvest progress in Brazil is also a bearish factor. Losses are being limited by weekly export inspections coming in above expectations at 28.9 million bushels. May is 5 1/4 cents lower at $5.84 and November is 4 3/4 cents lower at $6.10.



Wheat futures are strongly lower at midday. Profit-taking from recent gains are weighing on the market. The central and southern Plains remain very dry, but recent light rain and forecasts for precipitation this weekend are bearish factors. The KCBT and MGE had rallied to new highs last week. CBOT May is 7 cents lower at $3.74 1/2, KCBT May is 10 1/4 cents lower at $4.43 and MGE May is 8 1/4 cents lower at $4.26 1/2.



Cattle futures are trading lower at midsession. Losses are being attributed to bearish fundamentals and the weekend announcement from the USDA of an inconclusive BSE test. However, losses are limited as traders wait for further test results expected later this week. April is 2 cents lower at $83.42 and June is 22 cents lower at $78.87.



Lean hog futures are higher at midday. The possible case of mad-cow disease has given some traders ideas of improved pork demand if the BSE test results are positive. Cash markets are steady to $1 lower, but the April contract is already at a discount to the lean hog index. April is 72 cents higher at $59.30 and June is 42 cents higher at $68.55.