Corn futures are trading slightly higher at midday. After drifting lower in recent sessions, the market has been able to bounce on a round of short-covering. Underlying fundamentals remain supportive, but many traders are just marking time until the Planting Intentions report. March is 1/2 a cent higher at $4.00 1/2 and December is 1/4 higher at $3.94 3/4.

Soybean futures are higher at midsession. The uptick in corn and higher soybean meal and oil futures are supporting the market. The prospect for a big decline in acreage this spring is also a bullish factor. Soybean crop conditions remain favorable in South America although there is a little concern about pockets of dryness and heat in Argentina. March is 5 1/4 cents higher at $7.14 3/4 and November is 4 cents higher at $7.67.

Wheat futures are trading firm at midday. After opening lower, a round of short-covering has helped the market bounce. Export news is also a supportive factor. Iraq bought 100,000 tonnes of HRW and Taiwan will be tendering on Thursday for some U.S. wheat. CBOT Mar is 1 1/2 cents higher at $4.58, KCBT Mar is 2 3/4 cents higher at $4.81, and MGE Mar is 1/2 cent higher at $4.87 3/4.

Cattle futures are trading higher at midsession. Futures premium to cash has triggered some fund selling on concern about deliveries against the February contract. Declining beef prices are also a negative factor. Losses are being limited by cold weather in the Plains that should continue to hamper feedlot performance. February is 68 cents lower at $89.93 and April is 85 cents lower at $92.55.

Lean hog futures are lower at midday. Profit-taking from recent gains are weighing on the market. Fundamentals remain strong as cold weather in the Midwest is limiting marketings and cash bids are holding firm. Pork cutouts were up 68 cents on Monday. February is 55 cents lower at $63.50 and April is 60 cents lower at $67.10.