Corn futures are trading lower at midsession. Technically overbought conditions and generally bearish fundamentals are weighing on the market in light volume. However, weakness is being limited by ideas that funds will be looking to put more money into commodities. March is 1 1/2 cents lower at $2.14 3/4 and May is 1 cent lower at $2.24.



Soybean futures have traded both sides this morning, but are slightly higher at midday. Concern about some dry areas in Argentina and ideas of increased index fund buying in the new year are supportive factors. January is 1/2 of a cent higher at $6.11 1/2 and March is 1 cent higher at $6.23 1/4.



Wheat futures are lower at midday. The setback was expected following the recent fund led rally. Funds remain short at the CBOT, but the market was due for a breather. Losses can also be attributed to profit-taking ahead of the extended holiday weekend. CBOT Mar is 2 1/2 cents lower at $3.43, KCBT Mar is 2 1/4 cents lower at $3.88 and MGE Mar is 1/2 of a cent lower at $3.92.



Cattle futures are trading slightly lower at midsession. There is some concern that lower boxed beef prices on Wednesday may weigh on cash bids this week. Cash cattle traded at $95-$96 last week. February is 5 cents lower at $96.50 and April is 5 cents lower at $94.75.



Lean hog futures are mostly higher at midday. Yesterday's Hogs and Pigs report was slightly supportive for deferreds as numbers showed only modest expansion plans. The February contract is slightly lower as pork cutouts were sharply lower on Wednesday. February is 25 cents lower at $64.88 and April is 20 cents higher at $67.60.