Corn futures are trading lower at midsession. Losses are coming from a mild setback following the recent fund led rally. Some weakness is also being attributed to general commodity weakness after a strong drop in gold prices overnight. March is 2 1/2 cents lower at $2.23 and May is 3 cents lower at $2.33 1/4.



Soybean futures are lower at midday on a round of profit-taking following yesterday gains. Fundamentals remain bearish with USDA predicting record large ending stocks this marketing year and record production expected in South America. March is 6 3/4 cents lower at $5.81 and May is 7 3/4 cents lower at $5.94.



Wheat futures are trading lower at midsession. Pre-weekend profit-taking is weighing on the market following the recent runup that had pushed the KCBT and MGE to new contract highs. General weakness in the commodity markets is also a bearish factor. CBOT Mar is 8 3/4 cents lower at $3.54 1/2, KCBT Mar is 7 3/4 cents lower at $4.26 and MGE Mar is 5 1/2 cents lower at $4.09 1/2.



Cattle futures are trading higher at midday. Support is coming from talk that cash trade will develop in the South at $92, steady with last week. Beef prices have dropped sharply, but heavy movement on Thursday is raising ideas that boxed beef prices are bottoming. April is 63 cents higher at $90.78 and June is 20 cents higher at $84.68.



Lean hog futures are higher at midsession. Strength in the cash market this week and the nearly $2 jump in pork cutouts on Thursday are supporting the market. Initial gains have helped trigger some fund buying. April is 43 cents higher at $62.65 and June is 28 cents higher at $69.75.