Corn futures are trading lower at midsession. Trade has been choppy with some support coming from the early surge in crude oil and gold markets. However, futures have backed off as of midday as traders position for the Prospective Plantings report on Friday morning. May is 4 1/2 cents lower at $3.88 and December is 1 3/4 cents lower at $3.99 3/4.

Soybean futures are higher at midday. The market is being supported by the rise to contract highs in soybean oil amid rising crude oil prices. Trade activity is expected to be choppy today and tomorrow as the market gears up for the Prospective Plantings report. May is 5 cents higher at $7.62 and November is 5 1/4 cents higher at $8.05.

Wheat futures are narrowly mixed at midsession. Favorable crop weather and sluggish export demand are limiting buying interest. Many traders are on the sidelines awaiting the USDA reports on Friday. The average spring wheat acreage estimate is 13.7 million acres compared to 14.9 million in 2006. CBOT May is 1/4 of a cent higher at $4.54 1/4, KCBT May is 3/4 cent lower at $4.69 1/2, and MGE May is 1/2 cent lower at $4.95 1/4.

Cattle futures are lower at midday, led by weakness in the April contract. Reports of $1 lower cash trade in the Plains at $96 late on Tuesday and declining beef values are pressuring the nearby. Poor margins are expected to slow slaughter schedules until beef prices can improve. April is 83 cents lower at $96.00 and June is 30 cents lower at $93.05.

Lean hog futures are trading steady lower at midsession. Spillover weakness from cattle is weighing on the market. Trade activity is limited ahead of the quarterly Hogs and Pigs report due out Friday afternoon. Losses in the front end are being limited by firm cash markets. April is 3 cents lower at $63.35 and June is unchanged at $73.78.