Corn futures are trading higher at midday. Strength in the stock market and crude oil has helped push prices higher despite some bearish news. At the Outlook Forum, USDA estimated corn acreage at 86 million for 2009, unchanged from last year. However, traders are currently expecting a several million acre reduction. In addition, weekly export sales reported this morning were disappointing at only 17.7 million bushels, down 65% from the previous 4-week average. March is 3 1/4 cents higher at $3.67 and May is 3 cents higher at $3.75 1/4.



Soybean futures are mixed at midsession. Front futures have turned lower on disappointing weekly export sales and January crush numbers. Export sales fell well below trade expectations at 12.5 million bushels of old-crop. January Census crush was pegged at 145.2 million bushels, down 0.5 million from trade expectations. USDA's Outlook Forum acreage estimate failed to generate support even though at 77 million acres, it was several million below current trade expectations. March is 5 1/2 cents lower at $8.72 1/2 and May is 7 cents lower at $8.73.



Wheat futures are higher at midday. Weakness in the dollar, strength in the stock market and spillover strength from corn is supporting trade. Weekly export sales were also supportive, with new commitments of 17.1 million bushels of old-crop coming in above trade expectations. Also this morning at the Outlook Forum, USDA pegged wheat acreage at 58 million in 2009 compared to 63 million last year. CBOT March is 2 1/4 cents higher at $5.27, KCBT March is 1 3/4 cents higher at $5.76 3/4 and MGE March is 7 1/2 cents higher at $6.36 3/4.



Cattle futures are trading higher at midsession. Improved choice beef prices on Wednesday and ideas of further strength in beef demand helped push prices higher. Outside markets are providing some support as the stock market is higher. Cash cattle are expected to be firm this week compared to the $80-$81 last week. April is 73 cents higher at $85.58 and June is 55 cents higher at $83.50.



Lean hog futures are mixed at midday. Follow-through buying from yesterday's rally and ideas that the cash market could turn higher next week are slightly supportive for the nearby. Pork cutouts were up 41 cents on Wednesday and packer margins have improved to near breakeven. But deferred contracts are mostly lower as uncertainty about the economy remains an underlying bearish factor. April is 5 cents higher at $59.15 while June is 5 cents lower at $71.50.