Corn futures are higher at midsession. The market traded lower much of the morning due to weakness in outside markets and the recent bearish supply/demand revisions made by the USDA on Monday. However, hot and dry weather in Argentina that is threatening corn yields and short-covering have helped push prices higher at midday. March is 3 3/4 cents higher at $3.66 1/2 and May is 5 cents higher at $3.78 1/4.

Soybean futures are trading higher at midday. Continued concerns about dry conditions hurting crop production in Argentina and Brazil are supporting the market. However, gains are being limited by the smaller than expected NOPA crush number for December along with weakness in crude oil and the stock market. March is 5 cents higher at $9.76 1/2 and May is 6 1/4 cents higher at $9.87.

Wheat futures are mostly higher at midsession. The wheat market is being supported by strength in corn and soybeans and concern that cold weather in the Midwest and Plains could damage the winter wheat crop. Futures were pressured at times by weakness in outside markets including crude oil and the stock market. CBOT March is 3 1/4 cents higher at $5.74, KCBT March is 1 3/4 cents higher at $5.97 and MGE March is 4 1/2 cents higher at $6.41 1/2.

Cattle futures are trading lower at midsession. The market is being pressured by renewed concerns about the economy after a bearish retail spending report, which put December sales down 2.7% compared to trade expectations for a 1.2% drop. Expectations for a firm cash market this week following the recent jump in boxed beef prices is limiting losses in the nearby. February is 48 cents lower at $83.60 and April is 85 cents lower at $86.73.

Lean hog futures are sharply lower at midday. The premium of futures to cash and concerns about the economy are weighing heavily on prices. There are renewed recession fears this morning following a disappointing December retail sales number. The more than $1 drop in pork cutouts yesterday and poor packer margins are also pressuring prices. February is $1.35 lower at $60.10 and April is $1.48 lower at $65.80.