Corn futures are trading lower at midsession. Strength in the dollar this morning and concern about the global economic recession are weighing on the corn market. Technical selling is also a bearish factor as the nearby March contract has fallen below key moving averages. March is 2 1/4 cents lower at $3.49 1/2 and May is 2 1/4 cents lower at $3.58 1/2.



Soybean futures are mixed at midday. The market opened lower on global economic concerns and strength in the dollar. Recent rainfall that has helped Argentine soybean conditions improve is also a bearish factor. But the market has bounced slightly on short-covering and uncertainty about the Argentine farmer strike that could disrupt their export market. March is 4 1/2 cents higher at $8.77 and May is 3 cents higher at $8.79.



Wheat futures are lower at midsession. Sluggish export demand and the deteriorating global economy are weighing on the wheat market. The U.S. dollar index is higher this morning, which will make U.S. wheat even less competitive on the world export market. CBOT March is 4 1/4 cents lower at $5.06 1/4, KCBT March is 3 1/4 cents lower at $5.45 and MGE March is 4 cents lower at $6.13 1/2.



Cattle futures are mostly higher at midday. The rebound in the stock market and firm beef prices on Monday have helped futures trade mostly higher. Futures are higher despite ideas that the cash market will be lower this week. Beef prices bounced yesterday, but are at the lowest level since August 2005. April is $1.35 cents higher at $85.25 and June is 98 cents higher at $82.83.



Lean hog futures are trading lower at midsession, falling to new contract lows. Weakness in the cash market and the 81 cent drop in pork cutouts on Monday are bearish factors. Packer margins remain in the red. Concern about the economy and declining pork demand remains an underlying bearish factor. April is 33 cents lower at $57.90 and June is 75 cents lower at $70.20.