Corn futures have rebounded from early weakness to trade slightly higher at midday. Follow-through buying from the strength yesterday and firm crude oil prices are offering the market support. But buying interest is limited amid the losses in soybeans and weakness in the stock market this morning. March is 3/4 of a cent higher at $3.55 and May is 3/4 of a cent higher at $3.63 3/4.



Soybean futures are lower at midsession. The drop in the stock market and strength in the U.S. dollar are bearish factors for the market. In addition, China has canceled 180,000 tonnes of U.S. soybean sales. Rainfall has alleviated crop stress in much of Argentina and forecasts call for more rain in areas that are still dry. March is 10 1/2 cents lower at $8.70 1/2 and May is 10 1/2 cents lower at $8.73.



Wheat futures are higher at midday. Short-covering has pushed prices higher despite weakness in equity markets and strength in the dollar. Dryness in the southern Plains remains a bullish factor as well, with moisture requirements increasing as the crop begins to break dormancy. CBOT March is 4 3/4 cents higher at $5.19 3/4, KCBT March is 4 1/2 cents higher at $5.57 3/4 and MGE March is 7 cents higher at $6.24 1/2.



Cattle futures are trading lower at midsession. The market is being pressured by the drop in the stock market this morning and concern about beef demand amid the economic recession. Cash trade has not yet developed this week, but traders are looking for near steady trade compared to last week. April is 30 cents lower at $85.05 and June is 23 cents lower at $83.10.



Lean hog futures are higher at midday. Short-covering has pushed prices higher after the market had dipped to technically oversold levels and contract lows yesterday. But further gains are being limited by weakness in the cash market and losses in the stock market this morning. April is $1.05 higher at $58.75 and June is $1.25 higher at $71.35.