Corn futures are trading lower at midday. The market is correcting from overbought levels after hitting the highest level in 10 years earlier this week. A bearish fundamental factor is the spread of bird flu in South Korea that is raising concerns about world feed demand. December is 3 cents lower at $3.65 3/4 and March is 3 1/4 cents lower at $3.81 1/2.



Soybean futures are lower at midsession. Soybeans continue to follow corn and are also setting back from recent gains. Soybean oil and meal are both lower as well, being pressured by long liquidation in the December contracts ahead of first notice day on Thursday. January is 4 1/4 cents lower at $6.82 and March is 4 cents lower at $6.95 1/2.



Wheat futures are trading lower at midday. The lack of supportive fundamental news and spillover weakness from corn are weighing on the market. Winter wheat condition ratings have declined recently, but light snow ahead of a cold snap is expected to protect the HRW crop in the Plains. CBOT Mar is 1 1/2 cents lower at $5.06 1/2, KCBT Mar is 1 cent lower at $5.35, and MGE Mar is 1 3/4 cents lower at $5.17.



Cattle futures are trading lower at midday. The weak tone expected for the cash market this week and lower boxed beef prices are weighing on the market. Negative packer margins and ideas of growing showlists in upcoming weeks should limit packer bids. December is 88 cents lower at $85.50 and February is 85 cents lower at $88.63.



Lean hog futures are mixed at midsession. Follow-through weakness from yesterday, lower cash markets, and Tuesday's $1.07 drop in pork cutouts weighed on futures initially. However, the market has turned mixed on a round of short-covering. December is 10 cents lower at $61.08 and February is 8 cents higher at $64.60.