Corn futures are trading lower at midday. Crude oil has recovered some of its early morning losses, and the dollar has given back some of its gains. Trade has been two-sided as market players try to even their positions ahead of the month, quarter and year end. Weather stress in Argentina is supportive, while slow exports and cuts in ethanol production weigh on prices. March is 2 3/4 cents lower at $3.93 1/2 and July is 2 3/4 cents lower at $4.14 1/4.

Soybean futures are trading slightly higher at midsession. The recovery in crude oil and slip in the dollar from its morning highs are helping the soybean market. The soybean outlook is positive for prices. Hot and dry conditions are trimming yield potential in parts of South America, but forecasts for rain in Brazil are limiting gains. Exports have been good as China continues to be a steady buyer of U.S. soybeans. January is 1 1/4 cents higher at $9.47 and March is one half of a cent higher at $9.53 1/2.

Wheat futures are trading lower midday. The December price rally has led to profit-taking ahead of the month, quarter and year end. The stronger dollar has also backed off wheat interest. Reports that Iraq bought 500,000 tonnes of wheat from the Black Sea and Canada have pressured prices. Talk that the world wheat crop might not be as big as expected is helping limit losses. CBOT March is 9 cents lower at $5.95 3/4, KCBT March is 7 1/4 cents lower at $6.14 1/2 and MGE March is 8 1/2 cents lower at $6.47.

Cattle futures are trading lower at midday, with the nearby December posting gains as it heads into expiration at noon today. Cash trade is not expected to develop until Friday. Bearish beef and cash prices are weighing on futures, as well as strength in the dollar. The choice cutout fell 75 cents Tuesday to $143.42. February is 35 cents lower at $85.55 and April is 65 cents lower at $88.75.

Lean hog futures are trading mostly lower at midsession. The market is having a negative response to Tuesday's quarterly Hogs and Pigs report. The report was mostly bearish, with the near-term hog supply not expected to change and the breeding herd larger than expected. Wholesale prices are at the lowest level in five years. February is 28 cents lower at $59.45 and April is 8 cents higher at $68.15.