Corn futures are trading lower at midday. Losses in the stock market and crude oil are weighing on corn trade. In addition, cash basis levels softened in the Midwest yesterday following an increase in farmer selling. While not much of a market factor yet, wet conditions in the Midwest and forecasts for rain could be bullish if planting delays popup. May is 4 3/4 cents lower at $3.85 3/4 and December is 4 cents lower at $4.16 3/4.



Soybean futures are lower at midsession. The market is being pressured by weakness in the stock market and crude oil. Old-crop futures were higher much of the morning due to tight soybean stocks and firm cash prices. However, weakness in the outside markets and profit-taking pushed new-crop months lower, dragging old-crop lower as well. May is 2 1/2 cents lower at $9.10 1/2 and November is 7 1/4 cents lower at $8.53 3/4.



Wheat futures are lower at midday. Profit-taking on recent gains and news that Egypt bought Russian wheat at a recent tender instead of from the U.S. are weighing on futures. The market is lower despite continued concern about dry weather in the Plains. Some rain is in the forecast for next week, but most precipitation is expected to miss the most critical areas. CBOT May is 9 cents lower at $5.43 1/2, KCBT May is 8 3/4 cents lower at $5.96 1/2 and MGE May is 7 3/4 cents lower at $6.31 1/4.



Cattle futures are trading mostly lower at midsession. Concern about slow demand for higher priced beef during the economic recession remains a bearish concern. Beef prices have been choppy this week, but packer margins are poor. Cash trade is not expected to develop until later in the week, but near steady trade is expected. Traders are also beginning to even positions ahead of the Cattle on Feed report due out Friday afternoon. April is 50 cents lower at $83.80 and June is 33 cents lower at $81.60.



Lean hog futures are mostly higher at midday. Deferreds are all higher, but the nearby contract is lower due to recent weakness in the cash market. Better than expected exports in January and the improvement in packer margins that should help stabilize the cash market are supportive factors. April is 20 cents lower at $61.95 while June is 3 cents higher at $74.10.