Corn futures are trading lower at midsession. The lack of any bullish momentum has led to weakness today, but the market remains stuck in a trading range. Fund long liquidation threatens to keep pressure on the market while strong export demand could limit losses. March is 6 1/4 cents lower at $3.66 1/2 and December '07 is 1 3/4 cents lower at $3.53.

Soybean futures are lower at midday. Weakness in corn and abundant stocks of soybeans are weighing on the market. The market will continue to shift its attention to the South American crop. Dry conditions in southern Brazil had been a market factor recently, but rain is in the forecast. January is 7 1/2 cents lower at $6.55 1/2 and November is 6 cents lower at $7.12.

Wheat futures are trading lower at midday. Spillover technical selling and weakness in corn and soybeans are weighing on the market. Dry weather in the Plains has been a supportive factor recently, but precipitation is being forecast for that area next week. CBOT Mar is 1 cent lower at $4.81, KCBT Mar is 3 1/4 cents lower at $5.02, and MGE Mar is 3 cents lower at $4.96.

Cattle futures are mostly higher at midsession. The market has stabilized on ideas that cash cattle will trade at mostly $86 this week. Light trade developed at that level earlier this week. However, gains are limited by lingering concerns that the immigration raids at Swift packing plants could slow slaughter and back up market ready cattle. December is 18 cents higher at $85.90 and February is 33 cents higher at $88.78.

Lean hog futures are mostly higher at midsession. Lower cash markets and the temporary shut-down of two Swift pork packing plants are keeping December on the defensive. However, deferreds have pulled higher on short-covering from recent weakness. December is 15 cents lower at $61.30 and February is 48 cents higher at $63.85.