Corn futures are trading fractionally lower at midday. Despite yesterday's small bounce, the market is technically oversold. However, bearish fundamentals are limiting any buying interest. Export demand remains sluggish and Taiwan bought some Argentine corn overnight. March is 1/2 of a cent lower at $1.96 1/4.

Soybean futures are trading mixed at midsession. The nearby is being supported by firm cash markets. Gulf supplies are tight amid light farmer selling and slowed barge traffic due to high water levels. March is trading 2 cents higher at $5.19 3/4.

Wheat futures are lower at midsession. Yesterday's gains were technically driven, but there is little reason for traders to extend the rally. Export business has only been routine as competition for global export demand remains stiff. CBOT Mar is 1 1/4 cents lower at $2.97 3/4, KCBT Mar is 1/2 of a cent lower at $3.38 1/2 and MGE Mar is 3/4 lower at $3.46 1/2.

Cattle futures are slightly lower at midday. Spillover weakness from yesterday and lower boxed beef prices are weighing on the market. Losses are limited as traders wait for cash trade to develop. February is 8 cents lower at $89.28.

Lean hog futures are strongly lower at midsession. Cash markets have turned mostly lower and futures continue to hold a premium to cash. Packers have been able to lower bids amid ample supplies of hog marketings. February is 163 points lower at $74.15.