Corn futures are trading lower at midsession. The market is pulling back after posting new contract highs on Monday. Bullish momentum appears to have slowed, but recent setbacks have all been limited by good commercial buying interest on any weakness. December is 6 1/2 cents lower at $3.65 and March is 7 cents lower at $3.81 1/4.



Soybean futures are lower at midsession. Soybeans continue to follow corn and are also pulling back from new contract highs set yesterday. Generally favorable conditions in Brazil and Argentina for planting and early development are also negative factors. January is 5 cents lower at $6.83 and March is 5 3/4 cents lower at $6.96 1/4.



Wheat futures are trading lower at midday. The market is being pressured by follow through selling and spillover weakness from corn. The slow pace of weekly export sales remains a bearish factor. A modest decline in winter wheat condition ratings has failed to provide much support. CBOT March is 11 1/2 cents lower at $5.02 1/2, KCBT Mar is 6 1/2 cents lower at $5.30, and MGE Mar is 3 1/2 cents lower at $5.13 1/2.



Cattle futures are trading steady to higher at midday. Spillover selling and lower boxed beef prices initially weighed on the front end. Cash trade this week is expected to be steady to lower with last week's $87-$88. However, lower corn prices have helped ease the selling pressure. December is unchanged at $86.63 and February is 5 cents higher at $89.68.



Lean hog futures are lower at midsession. Cash hog bids are mixed this morning, but ideas that prices will trend lower the rest of the week are weighing on futures. Packers are expected to lower bids as most slaughter needs for the week have been covered and as producers increase marketings following Thanksgiving. December is 65 cents lower at $61.80 and February is 40 cents lower at $65.35.