Corn futures are trading higher at midsession. Gains are being attributed to short-covering ahead of the USDA Supply/Demand report due out Friday morning. The market has become technically oversold and is due for a bounce. May is 1 1/2 cents higher at $2.07.

Soybean futures are higher at midsession. The market is making a small technical bounce following the recent sell-off. Also, supportive are expectations that USDA will raise exports and lower their carryout estimate on Friday. May is 5 cents higher at $6.22 1/2.

Wheat futures are higher at midday. A technical bounce is supporting the market despite bearish fundamentals. Ample global wheat stocks and relatively sluggish demand for U.S. wheat are expected to limit gains. CBOT May is 2 3/4 cents higher at $3.14, KCBT May is 2 1/4 cents higher at $3.24 3/4 and MGE May is 2 1/2 cents higher at $3.33 3/4.

Cattle futures are lower at midsession. Spillover weakness from hogs and ideas of increasing supplies of market ready cattle in the upcoming weeks are weighing on futures. Boxed beef was higher yesterday, but ideas are still that prices are topping. June is 63 cents lower at $83.85.

Lean hog futures are trading strongly lower this morning. Weakness is being blamed on positioning ahead of the ITC ruling on the tariff for Canadian hog imports. The premium of futures to cash is also a negative factor. May is 183 points lower at $74.40.