Corn futures are trading lower at midday, slipping to new contract lows again. Disappointing weekly export sales and abundant supplies of feed grains are weighing on the market. Light short-covering has helped limit losses. March is 3/4 of a cent lower at $1.94 1/2.

Soybean futures are trading steady to higher at midsession. Better than expected weekly export sales and oversold conditions that have led to some short-covering are supporting the market today. Despite the strong exports, gains are being limited by concern that export business will soon shift to Brazil. March is unchanged at $5.05 1/4.

Wheat futures are mostly higher at midday. Solid weekly export sales and technical buying from oversold conditions are supporting futures. Traders are waiting to see how big EU's subsidy on wheat exports will be today. CBOT Mar is 1 1/4 cents higher at $2.89 1/2, KCBT Mar is 1 cent higher at $3.24 1/2 and MGE 1/2 of a cent lower at $3.37 1/2.

Cattle futures are trading lower at midsession. The market is being pressured by cash beef prices that are still struggling and news that Tyson will continue their slower slaughter pace. February is 30 cents lower at $90.40.

Lean hog futures are weak again this morning. Spillover pressure from yesterday's losses has led to additional technical selling. Cash hog markets are lower today as packer deal with lower cutouts again yesterday. February is 3 cents lower at $71.60.