Corn futures are trading lower at midday. Generally bearish fundamentals are weighing on the market. Old-crop stocks will be large despite decent export demand and recent rainfall has helped improve soil moisture levels over much of the Corn Belt. The potential for a fund led rally is limiting losses. May futures are 2 cents lower at $2.27 1/4 and December is 2 cents lower at $2.57 1/4.

Soybean futures are lower at midsession. Bearish fundamentals are weighing on the market. Large U.S. stocks and expanding harvest progress in South America are negative factors. Also, recent rainfall in the Midwest has helped improve dry soil moisture levels ahead of planting. May is 2 cents lower at $5.82 1/4 and November is 1 cent lower at $6.09 3/4.

Wheat futures are trading lower at midday. Relatively sluggish weekly export sales and forecasts for precipitation in the central Plains this weekend are bearish factors. U.S. wheat prices are too high to be very competitive on the world market. CBOT May is 3 cents lower at $3.59, KCBT May is 5 1/4 cents lower at $4.16 and MGE May is 4 1/2 cents lower at $4.07.

Cattle futures are slightly higher at midsession. Short-covering and support from ideas that near-term lows in futures are in place are supporting the market. Gains are being limited by the lack of cash trade and recent weakness in beef prices. April is 25 cents higher at $83.25 and June is 10 cents higher at $78.85.

Lean hog futures are trading steady to lower at midday. Weakness in the cash market and ideas that cash bids will continue to trend lower are weighing on futures. Pork cutouts were down 75 cents on Wednesday. Growing supplies of poultry are expected to limit pork demand. April is 28 cents lower at $57.88 and June is unchanged at $66.48.