Corn futures are trading higher at midday. Strength in crude oil and the stock market along with a bullish weekly export sales report are supportive factors. Old-crop export sales last week of 46.9 million bushels were above trade expectations and 72% above the previous 4-week average. May is 3 3/4 cents higher at $3.89 1/2 and December is 3 3/4 cents higher at $4.21 1/4.



Soybean futures are mixed at midsession. Old-crop contracts are being pressured by fears that China may release some soybeans currently being held in reserve. But losses are being limited by strength in crude oil and the stock market and decent weekly export sales that showed sales to China. New-crop is higher as the crops continue to jockey for acreage this spring. May is 2 cents lower at $9.49 while November is 4 1/2 cents higher at $8.84 1/2.



Wheat futures are higher at midday. The market is rebounding from the sharp losses yesterday. Firm corn prices and strength in outside financial markets are also providing support. However, gains are being limited by forecasts for some much needed precipitation in the southern Plains over the next couple of days. CBOT May is 3 1/4 cents higher at $5.11 1/4, KCBT May is 3/4 of a cent higher at $5.55 3/4 and MGE May is 3 3/4 cents higher at $6.08 3/4.



Cattle futures are mostly higher at midsession. Short-covering and strength in the stock market are supporting front end contracts. Packer margins remain in the red, but demand is expected to improve seasonally while cattle supplies are expected to tighten. April is 30 cents higher at $84.93 and June is 13 cents higher at $82.60.



Lean hog futures are trading lower at midday. The sharp drop in pork cutouts values on Wednesday is weighing on futures. The $2.45 drop pressured already poor packer margins. However, losses in the nearby contract are being limited by firm cash markets and tightening supplies of hogs. Trade could be choppy the next couple of days ahead of the Quarterly Hogs and Pigs report due out Friday afternoon. April is 10 cents lower at $61.15 and June is 38 cents lower at $72.35.