Corn futures are trading lower at midsession. Long liquidation and profit-taking by the funds are weighing on the market. Weakness in wheat is also contributing to the weakness. Corn cash basis levels in the Midwest are holding steady as farmer selling so far has been slow. March is 9 1/4 cents lower at $3.81 and December is 6 1/4 cents lower at $3.68 1/2.

Soybean futures are lower at midday. Spillover weakness from corn and wheat is weighing on the market as funds are reportedly taking profits. In addition, crop weather remains favorable in South America. Recent rainfall has been noted in Brazil and Argentina. March is 8 1/4 cents lower at $6.89 and November is 8 cents lower at $7.32.

Wheat futures are strongly lower at midsession. The improved crop prospects and sluggish export demand are bearish fundamental factors. The winter storm in the Plains has brought much needed precipitation to the previously dry areas of the southern and western Plains. CBOT Mar is 16 3/4 cents lower at $4.82 1/4, KCBT Mar is 12 3/4 cents lower at $4.97, and MGE Mar is 16 1/2 cents lower at $5.02.

Cattle futures are trading higher this morning, with the February and April contracts posting new highs. Strong cash cattle trade last week at $88-89 and ideas of firm cash trade again this week are supporting the market. The weekend snowstorm in the Plains has hampered cattle performance and will disrupt marketings in many much of the Plains. February is 73 points higher at $93.23 and April is 83 points higher at $94.60.

Lean hog futures are strongly lower at midsession. Lower cash hog markets the past two days and declining pork cutout values are weighing on futures. Packer margins are poor and most have their needs covered for this week's slaughter schedules. February is $1.75 lower at $59.95 and April is $1.80 lower at $63.73.