Corn futures are trading slightly lower at midsession. Profit-taking is weighing on the market following recent strength that had pushed the futures to technically overbought levels. Gains in crude oil and gold this morning are helping to underpin the market. March is 3/4 of a cent lower at $4.33 3/4 and December is 2 3/4 cents lower at $4.25.

Soybean futures are higher at midday. After some initial profit-taking weakness, soybeans have turned higher. Strength in crude oil prices and strong weekly export sales have helped pull prices higher. Commitments last week of 24.8 million bushels were above trade expectations. March is 2 1/4 cents higher at $7.86 and November is 1/4 of a cent higher at $8.38.

Wheat futures are trading lower at midday. Profit-taking on the strong rally and some weakness in corn is weighing on futures. An underlying bearish factor is forecasts calling for more moisture in the Plains this week, which should help hard red winter wheat condition ratings remain strong. CBOT Mar is 1 cent lower at $4.88 1/2, KCBT Mar is 1 cent lower at $5.10 1/2, and MGE Mar is 1 1/2 cents lower at $5.15.

Cattle futures are lower at midsession. Weakness in beef prices and ideas that cash trade will be lower this week are weighing on futures. Market activity is being limited by positioning ahead of the Cattle on Feed report that is due out after the close. April is 10 cents lower at $96.13 and June is 10 cents lower at $93.85.

Lean hog futures are trading lower at midday. Steady to lower cash markets and recent weakness in pork cutout values are weighing on the futures market. The Cold Storage report released yesterday has done little to support futures despite total pork stocks at the end of January being on the low end of trade expectations. April is 55 cents lower at $66.48 and June is 80 cents lower at $76.15.