Corn futures are trading higher at midsession. Strength in crude oil and the stock market along with weakness in the value of the dollar are supporting corn futures. Deferred contracts are also being underpinned by recent private acreage forecasts that call for a big decline in corn for 2009. March is trading 10 1/2 cents higher at $3.85 3/4 and July is 9 3/4 cents higher at $4.07.



Soybean futures are higher at midday. Strength in outside markets and concern about dry weather in Argentina are supportive factors. Crude oil is higher while the dollar index is lower. Hot and dry weather is forecast through the end of the week in Argentina, which will increase the stress on the growing crop. January is 13 cents higher at $8.59 and March is 12 3/4 cents higher at $8.62 1/4.



Wheat futures are higher at midsession. The drop in the dollar index and some concern about the cold snap in the winter wheat belt is providing support. Cold temperatures have invaded the Plains and Midwest with only limited snow cover. Rainfall in Australia is not welcomed there as it is delaying harvest and damaging crop quality. CBOT March is 16 1/2 cents higher at $5.36 1/2, KCBT March is 11 1/2 cents higher at $5.54 1/2 and MGE March is 7 cents higher at $5.96.



Cattle futures are trading strongly higher at midday. Strength in the stock market and ideas that cold and wintery weather in the Plains will slow rate of gains in the feedlots were supportive. In addition, beef prices shot higher on Monday, with choice cutouts up $2.43. February is $1.20 higher at $85.00 and April is $1.25 higher at $87.40.



Lean hog futures are higher at midsession. Short-covering and light speculative buying has pushed prices higher on concern that cold weather will limit hog weights and marketings. Gains are being limited by pork cutouts falling 76 cents on Monday and generally steady to lower cash prices. February is 13 cents higher at $62.70 and April is 38 cents higher at $68.83.