Corn futures are trading lower at midday. The lack of fund buying and spillover pressure from soybeans are weighing on the market. Fundamentals remain bearish given the abundant stocks of feedgrains. March is 1 cent lower at $2.17 3/4 and May is 1 cent lower at $2.28.

Soybean futures are lower at midsession. With index fund buying being absent from the market, bearish fundamentals are pressuring prices. Despite some dry spots in South America, a large soybean crop is still expected. March is 7 1/4 cents lower at $5.76 and May is 8 cents lower at $5.88.

Wheat futures are trading lower at midday. Market activity is being described as light, consolidation type trade. The snub by Iraq in the recent export tender continues to be a bearish factor as high prices were cited for the lack of U.S. business. CBOT Mar is 3/4 of a cent lower at $3.46 1/2, KCBT Mar is 1 cent lower at $4.12 and MGE Mar is 1 1/4 cents lower at $3.94 1/4.

Cattle futures are lower at midsession. The lack of cash trade and packers slowing slaughter are negative fundamental factors. Packer margins remain well in the red despite boxed beef prices gaining $1.48 to $1.58 on Tuesday. April is 30 cents lower at $88.80 and June is 33 cents lower at $83.60.

Lean hog futures are narrowly mixed at midday. Gains are being attributed to spillover support from recent gains and steady to firm cash prices. However, ideas that the cash market is making a near-term top and futures premium to the lean hog index are limiting buying interest. April is 13 cents higher at $63.05 and June is 5 cents lower at $70.13.