Corn futures are trading slightly higher at midsession. The market has been able to build off yesterday's late session bounce off the lows. However, gains are being limited by bearish fundamentals. USDA raised U.S. and world ending stock estimates on Thursday. March is 3/4 of a cent higher at $2.13 1/2 and May is 1/2 of a cent higher at $2.22 3/4.

Soybean futures are firm at midsession. Short-covering ahead of the extended weekend is offering support. Futures markets will be closed on Monday for ML King Day. Ideas that index funds will be pumping money into the market and rumors of business with China are supportive factors. March is 4 1/2 cents higher at $5.66 1/2 and May is 3 1/2 cents higher at $5.75 1/2.

Wheat futures are trading higher at midday. Follow-through buying and positioning ahead of the extended weekend are supporting the market. USDA's winter wheat seedings estimate was about 1 million acres below trade expectations. Drought conditions in the southern Plains remains a concern. CBOT Mar is 1/2 of a cent higher at $3.33 3/4, KCBT Mar is 3 1/4 cents higher at $3.86 and MGE Mar is 2 1/4 cents higher at $3.93 1/2.

Cattle futures are mostly lower at midsession. South Korea will partially lift the ban on U.S. beef imports, but traders are disappointed that it will not include all beef products. Steady to firm cash trade this week has helped support the front end contract. February is 8 cents higher at $95.20 and April is 5 cents lower at $93.90.

Lean hog futures are trading lower at midday. Futures are being pressured the recent poor performance by the cash market. Futures are technically oversold, but February and April are still trading at a premium to the lean hog index. February is 8 cents lower at $59.70 and April is 38 cents lower at $65.00.