Corn futures are trading higher at midday. Fund buying is continuing to support the market with futures hitting new highs again today. The speculative buying is being generated by weather concerns amid ideas that a shift to a La Nina weather pattern could bring dry conditions to the Midwest this summer. March is 1 1/4 cents higher at $4.27 1/2 and December is 1/2 of a cent higher at $4.23 1/2.



Soybean futures are higher at midsession. Spillover support from corn has pushed prices higher. The soybean market is trying to limit the loss in acreage to corn this spring. The market is already beginning to become concerned with some forecasts calling for the potential of dry weather this summer. March is 4 1/4 cents higher at $7.85 1/2 and November is 6 cents higher at $8.38.



Wheat futures are higher at midday. The CBOT has hit the highest level in a month and the KCBT has rallied to six-week highs on follow-through technical momentum. The CBOT is leading the way on spillover support from corn as wheat is being priced into some feed rations. CBOT Mar is 6 cents higher at $4.82, KCBT Mar is 3 3/4 cents higher at $5.05 1/2, and MGE Mar is 3 3/4 cents higher at $5.13.



Cattle futures are steady to narrowly mixed at midsession. The lack of cash market trade so far this week and positioning ahead of the Cattle on Feed report is limiting trade activity. The market is expecting the report to be supportive due to a decline in January placements. April is 5 cents lower at $96.35 and June is 13 cents higher at $93.80.



Lean hog futures are trading mostly lower at midday. Lower cash prices this morning and recent weakness in pork cutout values are weighing on most contracts. Futures were higher in early trade on short-covering and talk of tightening hog supplies in the weeks ahead. April is 8 cents higher at $67.05 and June is 28 cents lower at $76.90.