Corn futures are trading higher at midsession. The weekly export sales report is supporting the market despite weakness in the stock market and crude oil and strength in the dollar index. Weekly export sales were reported at a marketing year high 60.8 million bushels. Gains were limited until soybeans were able to pull higher around midday. March is 7 cents higher at $3.75 1/2 and May is 6 1/2 cents higher at $3.85.



Soybean futures are trading higher in front end contracts at midday. The market is being supported by strong weekly export sales reported this morning and forecasts for weather to trend warmer and drier in Argentina. Weekly export sales were above trade expectations at 39.3 million bushels. But gains are being limited by recent rainfall in Argentina, weakness in crude oil and the stock market and the firm U.S. dollar index. March is 4 1/2 cents higher at $9.82 1/2 and May is 3 cents higher at $9.85.



Wheat futures are trading higher at midsession, with gains being attributed to short-covering amid spillover strength coming from corn and soybeans. However, the rally is being limited by strength in the dollar index and weakness in outside markets. Weekly export sales were neutral for the market as 15.1 million bushels of old-crop commitments were within trade expectations. CBOT March is 5 cents higher at $5.48 1/4, KCBT March is 3 3/4 cents higher at $5.81 3/4 and MGE March is 4 3/4 cents higher at $6.46.



Cattle futures are trading lower at midsession. Weakness in the stock market is pressuring the cattle market. The struggling economy continues to raise concern about beef demand. Beef prices are currently at the lowest level in 4 1/2 years. Cash trade had been expected to be firm this week, but the market is now looking for only steady cash business. April is 48 cents lower at $87.13 and June is 25 cents lower at $84.93.



Lean hog futures are mostly higher at midday. Strength in pork cutout values yesterday and firm cash markets are supporting futures. But gains are being limited by the losses in the stock market that continue to raise concerns about the economy and pork demand. Stronger than expected pork exports in December, up 20% from last year, is also a supportive factor. April is 28 cents higher at $62.55 and June is 5 cents higher at $75.35.