Corn futures are trading slightly lower at midday. The market is being pressured by poor weekly export sales reported this morning and spillover weakness from crude oil. Export sales were a marketing year low at only 8.5 million bushels. However, losses are being limited by strength in soybeans and continued drought conditions in Argentina that is trimming yield potential. March is 1/2 of a cent lower at $3.66 1/4 and May is 1/2 of a cent lower at $3.77.



Soybean futures are strongly higher at midsession. The weekly export sales report released this morning was supportive as 50 million bushels of old-crop sales were well above trade expectations. China continues to be an aggressive buyer of U.S. soybeans. Hot and dry weather conditions in Argentina continue to be a concern for the soybean crop as weekend rainfall is expected to remain light. March is 40 cents higher at $10.12 1/2 and May is 39 3/4 cents higher at $10.20.



Wheat futures are mixed at midday. Disappointing weekly export sales are weighing on the market. Old-crop sales of only 3.2 million bushels fell well below trade expectations and the pace needed to reach USDA's export forecast. However, some contracts have been pulled higher by the rally in soybeans and concerns that cold temperatures in the winter wheat belt may be damaging some of the crop. CBOT March is 3/4 of a cent higher at $5.75, KCBT March is 1 cent higher at $6.01 and MGE March is 3 cents higher at $6.44 3/4.



Cattle futures are trading mostly lower at midsession. The nearby contract is slightly higher due to recent strength in boxed beef prices and ideas that cash trade will be firm this week compared to the $84-$85 trade last week. But deferreds are being pressured by concerns over the weakening economy that could hamper beef demand. February is 10 cents higher at $83.45 while June is 35 cents lower at $85.35.



Lean hog futures are strongly lower at midday. Fund and speculative selling are weighing on futures after hitting new contract lows in some months yesterday. Concerns about the economy and pork demand remain bearish factors. Pork cutouts were down $1.64 on Wednesday. February is 53 cents lower at $59.40 and April is $1.10 lower at $65.60.