Corn futures are trading lower at midsession. Follow-through selling from yesterday's decline and spillover weakness from wheat are weighing on the market. The May contract did slip below support at $2.27 1/2 but there has been limited selling below that level. May is 2 cents lower at $2.26 3/4 and December is 2 cents lower at $2.56.



Soybean futures are lower at midday. Light speculative selling pressure continues to weigh on the market. Improved soil conditions ahead of planting and expanding harvest progress in South America are bearish factors. Soybean oil is being pressured by larger-than-expected NOPA February stocks. May is 2 1/4 cents lower at $5.82 1/4 and November is 3 cents lower at $6.08.



Wheat futures are strongly lower again at midday. Follow-through selling and forecasts calling for good chances of rain in the central Plains this weekend are weighing on the market. Crop conditions remain poor, but good spring rainfall could help salvage the crop. CBOT May is 7 1/2 cents lower at $3.60, KCBT May is 13 1/4 cents lower at $4.21 1/2 and MGE May is 12 3/4 cents lower at $4.09.



Cattle futures have turned higher this morning. The announcement from the USDA of a positive BSE test was apparently already in the market and traders have been busy covering short positions. The mad-cow case is not expected to hamper domestic demand much. April is 67 cents higher at $84.30 and June is 55 cents higher at $79.67.



Lean hog futures are lower at midsession. The June contract's premium to cash and some lower cash bids this morning are weighing on the market. Higher cattle futures despite the positive BSE have minimized ideas that pork demand will benefit from a decline in beef demand. April is 5 cents lower at $59.67 and June is 32 cents lower at $68.30.