Corn futures are trading slightly higher at midday. Another week of strong weekly export sales is offering support. However, gains are being limited by the lack of direction from the funds and limited fresh news. March is 3/4 of a cent higher at $2.22 3/4 and May is 1 cent higher at $2.33 1/4.



Soybean futures are higher at midsession. The market opened lower on a setback from yesterday's late session rally before light fund buying pushed prices higher. Fundamentals remain bearish with expectations for record ending stocks in the U.S. March is 1/2 of a cent higher at $5.87 1/2 and May is 3/4 of a cent higher at $5.99 3/4.



Wheat futures are trading higher at midday. The rally is being attributed to supportive weekly export sales and concern about forecasts for a cold snap in the Plains this weekend that could cause further damage to the HRW crop. CBOT Mar is 3 3/4 cents higher at $3.55 3/4, KCBT Mar is 3 1/4 cents higher at $4.19 3/4 and MGE Mar is 4 3/4 cents higher at $4.06.

Cattle futures have traded both sides this morning, but are lower at midday. Futures traders are waiting for the cash market to develop. Early short-covering has been countered by a round of fund selling. Packer margins remain in the red, but boxed beef prices did post good gains on Wednesday. April is 28 cents lower at $88.38 and June is 25 cents lower at $83.15.



Lean hog futures are lower at midsession. Initial gains were attributed to short-covering following yesterday's sell-off and yesterday's $2.30 jump in pork cutouts. However, selling pressure weighed on prices again as packer margins remain negative. April is 13 cents lower at $61.35 and June is 40 cents lower at $68.50.