Corn futures are higher at midsession. The market is being supported by the USDA Supply/Demand report, which showed USDA's corn ending stocks estimate at 1.740 billion bushels. The ending stocks estimate was down 50 million from last month and about 70 million below pre-report trade expectations. May is 3 1/2 cents higher at $3.79 and December is 3 cents higher at $4.09 3/4.



Soybean futures are solidly higher at midday. The market is being supported by the larger than expected cut in the U.S. ending stocks estimate and outside markets. Ending stocks for 2008/09 are expected to fall to 185 million bushels, down 25 million from last month and 10-15 million below trade expectations. Strength in the stock market and weakness in the dollar index are also supportive. May is 8 1/2 cents higher at $8.85 1/2 and November is 4 1/2 cents higher at $8.40.



Wheat futures are trading lower at midsession. The bearish USDA supply and demand revisions are weighing on wheat prices. Ending stocks were estimated at 712 million bushels, up 57 million from last month and up about 50 million from trade estimates. World wheat ending stocks are projected to climb to a 6-year high. Losses are being limited by weakness in the dollar and strength in corn and soybeans. CBOT May is 7 cents lower at $5.25 3/4, KCBT May is 8 1/4 cents lower at $5.75 1/2, and MGE May is 7 3/4 cents lower at $6.18 1/4.



Cattle futures are trading higher at midday. Strength in the stock market and firm beef prices on Tuesday are supporting futures. Smaller showlists and ideas that beef prices will improve as seasonal demand picks up should help the cash market trade at steady to higher prices this week compared to the mostly $82 last week. April is 33 cents higher at $83.20 and June is 35 cents higher at $81.60.



Lean hog futures are mostly higher at midsession. Weakness in the cash market and poor packer margins initially weighed on front end futures. But most months have been pulled higher by short-covering following the sharp decline on Tuesday. Strength in the stock market and weakness in the dollar are supportive factors. April is 8 cents higher at $60.60 and June is 60 cents higher at $72.30.