Corn futures are trading higher at midsession. Market activity is limited and volume is low as traders gear up for the Christmas break. Dry conditions in Argentina are supportive for the corn market as the crop is entering a key growing period. Gains are being limited by weakness in crude oil futures. March is 2 1/4 cents higher at $3.84 and July is 2 cents higher at $4.04 1/2.



Soybean futures are mostly higher at midsession. After opening lower on the bearish Census Crush report, futures have turned higher. November crush was pegged at 144.6 million bushels, down nearly 2 million from trade expectations and 5.5 million below the previous month. However, strong export demand and concerns about dryness in parts of Argentina and southern Brazil are providing support. January is 1 1/2 cents higher at $8.88 and March is 3/4 of a cent higher at $8.91 1/4.



Wheat futures are trading lower at midday. The market is giving back yesterday's gains on concern about export competition. Egypt bypassed U.S. wheat in its latest tender, instead buying from Russia. Strength in the dollar this morning will also hurt the competitiveness of U.S. wheat on the world market. CBOT March is 10 cents lower at $5.59 and KCBT March is 8 1/2 cents lower at $5.80 3/4 and MGE March is 7 cents lower $6.26.



Live cattle futures are trading higher at midsession. Recent strength in beef prices is offering support. Choice cutouts were up $2.38 on Monday. Cash trade has not yet developed, but will likely be near the $83-$85 range from last week. Futures market activity is expected to continue to slow ahead of the Christmas holiday. February is 10 cents higher at $86.40 and April is 18 cents higher at $89.00.



Lean hog futures are trading mixed at midday. Front end contracts are trading slightly higher despite weakness in the cash market. Deferreds are being pressured by the 82 cent drop in pork cutout values and the Cold Storage report on Monday afternoon showing larger than export total pork stocks at the end of November. February is 5 cents higher at $60.95 and April is 13 cents $68.58.