Corn futures are slightly higher at midsession. Market action has been choppy as traders prepare for the USDA reports due out on Thursday morning. Slow farmer selling and light short-covering following recent losses are offering light support. March is 3/4 of a cent higher at $2.14 and May is 1 cent higher at $2.23 1/2.



Soybean futures are lower midday, but trade has been choppy this morning. Traders are evening positions ahead of the USDA reports. Recent weakness is limiting losses, but traders are looking for USDA to raise their ending stocks number. March is 1 cent lower at $5.88 and May is 1 1/2 cents lower at $5.97 1/2.



Wheat futures are trading mixed at midsession. Trade has been choppy as traders gear up for the USDA reports that will include winter wheat seedings. Concern about the dry conditions in the southern Plains is an underlying supportive factor for the KCBT. CBOT Mar is 1/2 of a cent lower at $3.28 3/4, KCBT Mar is 1 3/4 cents higher at $3.73 3/4 and MGE Mar is 1/4 of a cent higher at $3.83.



Cattle futures are trading lower at midday. Profit-taking following the recent runup to new contract highs in the April and June contracts and spillover weakness from hogs are weighing on the market. February is 75 cents lower at $95.80 and April is 93 cents lower at $94.55.



Lean hog futures are sharply lower this morning. After limit losses in the front end contracts yesterday, futures are sharply lower again. Cash hog bids are lower today and pork product prices are struggling with losses of $1.48 on Tuesday. February is 193 points lower at $60.75 and April is down the limit 200 points at $64.80.