Corn futures are trading lower at midsession. Weakness in crude oil futures and the stock market this morning are weighing on commodities. Sluggish export demand also remains a bearish factor. Further losses are being limited by continued drought in Argentina that is hurting corn production prospects. March is 9 cents lower at $3.81 1/4 and May is 9 1/4 cents lower at $3.91 3/4.



Soybean futures have turned strongly lower as of midday. Opening gains were driven by weather concerns for Argentina. But the drop in crude oil futures and the stock market has led to weakness in the commodity markets. Export demand from China has been strong, but is expected to slow at least temporarily during the Chinese New Year celebration. March is 16 1/4 cents lower at $10.04 1/4 and May is 16 cents lower at $10.13 1/4.



Wheat futures are lower at midsession. Spillover pressure from corn and soybeans, as well as outside markets, is weighing on wheat prices. But losses are being limited by Egypt's purchase of U.S. wheat yesterday and continued dryness in the southern HRW wheat belt. CBOT March is 8 1/4 cents lower at $5.63 1/2, KCBT March is 7 3/4 cents lower at $5.92 3/4, and MGE March is 5 1/4 cents lower at $6.42.



Cattle futures are trading lower at midsession. Weakness in the stock market and the decline in boxed beef prices on Wednesday are bearish factors. In addition, light cash trade developed in Nebraska down $3 from last week on a dressed basis. However, positioning ahead of the Cattle on Feed report due out Friday afternoon is helping to limit further losses. February is $1.05 lower at $81.30 and April is 70 cents lower at $84.50.



Lean hog futures are mixed at midday. Front end contracts are higher due to strength in the cash market this week and firm pork cutout values. Hog supplies are expected to tighten over the next few weeks. But deferreds are being pressured by concern about the economy with today's weakness in the stock market. February is 23 cents higher at $59.55 while June is 30 cents lower at $77.15.