Corn futures are lower at midsession. The market is retracing some of last week's gains as weather forecasts are generally favorable for the Corn Belt. Forecasts call for some rain that will help recharge soil moisture levels, although it could delay some early planting. May is 1 1/2 cents lower at $2.35. December is 1 1/2 cents lower at $2.66 3/4.



Soybean futures are trading lower at midday as bearish fundamentals continue to weigh on the market. Commercial buying is helping limit losses but large old-crop stocks, a big planting intentions number, and the harvest of a record South American soybean crop continue to pressure prices. May is 2 1/2 cents lower at $5.62 1/2 and November is 3 cents lower at $5.93 1/4.



Wheat futures are steady to higher at midsession. The market is making a small recovery from recent losses. Winter wheat conditions are well below average due to poor hard red winter wheat ratings. However, recent rainfall in the Plains is helping to show some improvement. CBOT May is unchanged at $3.42. KCBT May is 1 cent higher at $4.16 and MGE May wheat is 1 1/2 cents higher at $4.04.



Cattle futures are lower at midsession, slipping to new lows. Traders were disappointed that boxed beef prices slipped Monday afternoon from strength earlier in the day. Technically, the market continues to trend lower despite yesterday's bounce, which was thought to have put in a near-term bottom. April cattle are 118 points lower at $79.05. June is 123 cents lower at $73.53. April feeder cattle are 103 points lower at $99.95.



Lean hog futures are trading sharply lower at midday. Technical weakness has triggered sell-stops, pushing futures to the lowest level in two-weeks. Cash markets are mostly steady to lower today and it will likely take higher cash bids to sustain any futures price rally. April is 180 points lower at $56.35 and June is 193 points lower at $63.95.