Corn futures are trading higher at midsession. Strong weekly export sales reported this morning and spillover strength from soybeans are supporting the market. Corn sales last week were well above trade expectations and were a marketing year high at 42.8 million bushels of old-crop. Hot and dry weather in Argentina has cut corn production estimates significantly. March is 8 1/2 cents higher at $3.96 and May is 8 1/4 cents higher at $4.06 1/4.



Soybean futures are higher at midday. Continued strong weekly export sales and lowered soybean production estimates for Argentina are supporting the market. Soybean export commitments last week were well above trade expectations at 48.7 million bushels of old-crop. Losses in crude oil and the stock market along with strength in the dollar are limiting further gains. March is 14 cents higher at $10.26 and May is 12 1/4 cents higher at $10.31 3/4.



Wheat futures are higher at midsession, led by the strong gains at the CBOT. Spillover support is coming from the rally in corn and soybeans as well as better than expected weekly export sales. Commitments last week of 15.1 million bushels of old-crop were nearly double the previous 4-week average. Dry conditions in the HRW wheat belt are also providing underlying support. CBOT March is 21 1/4 cents higher at $5.88, KCBT March is 17 1/4 cents higher at $6.15 1/2, and MGE March is 17 1/2 cents higher at $6.69.



Cattle futures are trading mixed at midday, with front end contracts slightly higher. Weakness in the cash market this week and boxed beef prices initially weighed on futures. Cash cattle trade at $82 live and $132 dressed, down $2-$3 from last week. Boxed beef prices were down $2.10 yesterday. Stock market weakness continues to raise concern about the economy. But positioning ahead of the Cattle on Feed report due out this afternoon has helped the market rebound from early weakness. February is 23 cents higher at $82.50 and April is 25 cents higher at $86.65.



Lean hog futures are sharply lower at midsession. Further weakness in the stock market has kept concern about the economy alive and the Cold Storage report on Thursday was bearish. Some months have hit new contract lows. Total frozen pork stocks are up 20% from year-ago and are at a record high for this time of year. February is 65 cents lower at $59.00 and June is $1.23 lower at $75.90.