Corn futures are trading mixed at midday as the market stabilizes from recent weakness. The market is expected to be in consolidation mode today and tomorrow ahead of the USDA reports due out Thursday morning. March is 1/4 of a cent lower at $2.10 3/4 and May is unchanged at $2.20 1/2.



Soybean futures are trading lower at midsession. Technical weakness and forecasts for some much needed rainfall in Argentina are weighing on the market. USDA is expected to raise the 2005 crop production estimate and 2005-06 ending stocks on Thursday morning. March is 7 1/2 cents lower at $5.86 1/2 and May is 6 1/2 cents lower at $5.96 1/2.



Wheat futures are steady to lower at midday. The market remains technically weak, although losses are being limited ahead of the Thursday morning USDA reports. Winter wheat acreage is expected to come in around 2.1 million acres above last year. CBOT Mar is 1 1/4 cents lower at $3.25 1/4, KCBT Mar is 1/4 of a cent lower at $3.70 1/4 and MGE Mar is 1 cent lower at $3.79 1/2.



Cattle futures are trading mixed at midsession. Early profit-taking has limited gains, but April was been able to push to a new contract high. Talk of higher cash cattle sales this week and export talks with South Korea are supportive factors. February is 18 cents higher at $96.65 and April is 3 cents lower at $95.35.



Lean hog futures are strongly lower at midday. Declining pork cutout prices and futures premium to cash are weighing on the market despite steady to firm cash bids. Narrowing packer margins are expected to limit any improvement in the cash market. February is 123 points lower at $63.45 and April is 125 points lower at $67.55.