Corn futures are trading strongly higher at midday. The bullish Supply/Demand report is supporting futures. USDA pegged ending stocks for 2010/11 at 675 million bushels, down 54 million from last month. Ending stocks are the lowest in 15 years and matched the modern day low in the stocks-to-use ratio at 5.0%. USDA also lowered world corn ending stocks by 4.5 million metric tons. March is 18 cents higher at $6.91 3/4 and December is 9 1/2 cents higher at $6.14.


 


Soybean futures are solidly higher at midsession. Spillover support from corn is supporting the soybean market. The Supply/Demand report was neutral for soybeans. USDA left ending stocks at the tight level of 140 million bushels. In world numbers, USDA raised Brazil's production to a record 68.5 million tonnes, but cut Argentina's soybean projection by 1 million tonnes to 49.5 million. March is 8 1/4 cents higher at $14.42 1/2 and November is 10 1/4 cents higher at $13.87 3/4.    


 


Wheat futures are higher at midday. The Supply/Demand report was neutral for wheat, but the market is higher on spillover support from corn and weakness in the dollar index. USDA left U.S. supply/demand numbers unchanged from last month. Global numbers were near unchanged, with global ending stocks down just 0.2 million tonnes. However, recent gains have been attributed to increasing concern about drought in China’s wheat growing regions. CBOT March is 10 cents higher at $8.84 1/4, KCBT March is 10 1/2 cents higher at $9.82 1/2 and MGE March is 12 3/4 cents higher at $10.22 1/4.    


 


Cattle futures are trading mostly higher at midsession. The strength in the corn market is supporting futures on ideas that higher feed costs will limit beef production. But the February contract is slightly lower on weakness in boxed beef prices and ideas that cash trade will be steady to $1 lower this week. February is 8 cents lower at $107.58 while deferreds are slightly higher with April up 5 cents at $111.30.


 


Lean hog futures are mixed at midday. Futures are choppy and are in a narrow range. The February contract expires next week and is holding near the cash market. Deferred contract had been supported by the rally in corn and ideas that higher feed costs will limit pork production. But after hitting new highs in several contracts, profit-taking helped trim gains and has pushed some contracts lower. February is 23 cents higher at $85.05 while April is 35 cents lower at $90.90.


 

Lean hog futures are mixed at midday. Futures are choppy and are in a narrow range. The February contract expires next week and is holding near the cash market. Deferred contract had been supported by the rally in corn and ideas that higher feed costs will limit pork production. But after hitting new highs in several contracts, profit-taking helped trim gains and has pushed some contracts lower. February is 23 cents higher at $85.05 while April is 35 cents lower at $90.90.