Corn futures are lower at midsession. The lack of any bullish surprises from President Bush in the State of the Union address regarding ethanol prompted profit-taking amid overbought technicals. March is 9 cents lower at $4.00 and December is 5 1/2 cents lower at $3.97 1/4.



Soybean futures are trading lower at midday. Weakness in corn and soybean oil is spilling over into soybeans. The State of the Union address called for increased use of biofuels, but failed to generate any bullish surprises. In addition old-crop supplies remain large and crop conditions remain favorable in South America. March is 11 1/4 cents lower at $7.16 and November is 10 1/2 cents lower at $7.68.



Wheat futures are lower at midsession, following the corn market lower. Also, recent precipitation in the Plains has helped recharge soil moisture levels that will benefit the hard red winter wheat crop when the crop breaks dormancy. CBOT Mar is 12 3/4 cents lower at $4.67 1/2, KCBT Mar is 10 cents lower at $4.90 3/4, and MGE Mar is 9 3/4 cents lower at $4.96.



Cattle futures are trading higher at midday. Short-covering following the recent break has helped futures turn higher. However, gains are being limited by declining beef prices and the February contracts premium to the most recent cash market. February is 28 cents higher at $89.85 and April is 13 cents higher at $92.65.



Lean hog futures are trading mixed at midsession. Profit-taking on recent gains has pushed prices lower. However, losses are being limited by ideas that cash markets may hold firm. Packer margins remain decent and forecasts for cold weather next week could hamper hog marketings. February is 5 cents lower $61.75 and April is unchanged at $65.30.