Corn futures are trading lower at midday. Profit-taking on recent gains as futures have hit six week highs and increased farmer selling is weighing on the market. Losses have been limited so far today by the sharp drop in the U.S. dollar. Corn is giving some ground back to soybeans today after the recent trend of corn gaining on soybeans as the fight for acreage next spring has already begun. March is 11 cents lower at $3.83 and July is 11 1/2 cents lower at $4.04 3/4.



Soybean futures are lower at midsession. Spillover pressure from corn and profit-taking on the recent jump in prices are weighing on the market. Futures have traded higher much of the session due to the sharp drop in the dollar index and warm and dry weather in Argentina. Stressful crop weather is expected in Argentina for the next several days. January is 4 1/2 cents lower at $8.54 and March is 4 cents lower at $8.59.



Wheat futures are trading mixed at midday. Weakness in corn and soybeans has trimmed some of the early gains. Wheat futures have been supported much of the morning by the decline in the dollar index to the lowest level in 13 1/2 years, cold weather in the Plains and good export demand. CBOT March is 1 cent higher at $5.45, KCBT March is 2 1/2 cents lower at $5.62 1/2 and MGE March is 2 1/4 cents lower at $6.05.



Cattle futures have turned lower at midsession. Futures were higher much of the morning on follow-though from yesterday's limit gains, weakness in the dollar and improving beef prices. The dollar has fallen to the lowest level in 13 years, which should benefit beef exports. However, futures have pulled back at midday in part due to weakness in the stock market. February is 65 cents lower at $86.15 and April is 30 cents lower at $88.85.



Lean hog futures are mostly higher at midday. The nearby February contract is lower due to weakness in the cash market and the $2.30 drop in pork cutouts on Tuesday. But deferreds are being supported by short-covering and forecasts for poor weather again next week. In addition, the sharp decline in the dollar has raised optimism for improved pork exports. February is 30 cents lower at $62.15 while April is 3 cents higher at $68.95.