Corn futures are trading higher at midday. The short-covering bounce is being attributed to slow corn planting progress and forecasts calling for a return to rain and cooler temperatures in much of the Corn Belt early next week. Corn was only 5% planted as of Sunday, down from the 5-year average of 14%. Outside markets pressured prices yesterday, but they are mixed today. The stock market has turned slightly higher and crude oil losses have been trimmed as of midsession. May is 4 1/4 cents higher at $3.73 3/4 and December is 5 cents higher at $4.03 3/4.



Soybean futures are higher at midsession. Strong export demand and reports of lower than expected soybean yields in South America are supporting the market. USDA reported another 180,000 tonnes of soybean exports to China today. New-crop gains are also coming from short-covering following recent losses. May is 7 cents higher at $10.25 1/2 and November is 15 1/4 cents higher at $9.18 1/4.



Wheat futures are higher at midday. Short-covering is supporting the market with some fundamental support from slow spring wheat planting progress. Spring wheat is only 6% seeded, down from the 5-year average of 21%. Concern about winter wheat production prospects following the recent freeze is offering underlying support. USDA rated winter wheat conditions at 43% good to excellent, up 1% from last week, but poor to very poor also increased to 27% of the crop versus 25% the previous week. CBOT May is 6 1/2 cents higher at $5.11, KCBT May is 4 1/2 cents higher at $5.63 1/2 and MGE May is 6 1/2 cents higher at $6.32 1/2.



Cattle futures are trading higher at midsession. The market is rebounding from the sharp decline on Monday. Rising boxed beef prices and expectations for firm cash trade this week are supporting futures. On Monday, choice beef prices were $2.24 higher and select cutouts were up $2.08. June is 48 cents higher at $83.10 and August is 30 cents higher at $83.50.



Lean hog futures are mostly higher at midday. The futures market is bouncing back from recent losses with some fundamental support coming from the steady to higher cash market. Expectations for seasonal improvement in pork demand and tightening supplies of market ready hogs remain bullish market factors. June is 15 cents higher at $72.45 and July is 23 cents higher at $73.80.