Corn futures are trading higher at midday. The market has been choppy, finding light support to pull prices off of the lows for the day. The market is technically weak after May closed below the $4 level yesterday and gains are being limited by favorable early planting progress in the southern U.S. and good soil moisture reserves over much of the Midwest. May is 1 1/4 cents higher at $3.99 and December is 4 1/2 cents higher at $4.02.



Soybean futures are higher at midsession. Concern about a sharp drop in acreage this spring and firm gold and crude oil markets are supporting futures. Gains are being limited by large old-crop stocks and the harvest of what is expected to be record crop in Brazil. May is 1 cent higher at $7.51 1/2 and November is 2 cents higher at $7.82.



Wheat futures are trading higher at midday. News that India is looking to import up to 3 million tonnes of wheat this year and the midday bounce in corn is offering support. Gains have been by the generally favorable winter wheat crop conditions. CBOT May is 5 1/2 cents higher at $4.61, KCBT May is 3 3/4 cents higher at $4.83, and MGE May is 6 1/4 cents higher at $5.03.



Cattle futures are trading lower this morning. The futures market is on the defensive as packers lowered bids from early this week. Cash trade on Thursday was mostly $98 following ideas of $100 trade this week after early week business was firm in the North. Some recent weakness in beef prices is also a negative factor. April is 113 points lower at $97.93 and June is 85 cents lower at $94.90.



Lean hog futures are strongly lower at midsession. The weak tone in the cash market and futures premium to the lean hog index are weighing on futures. Technical selling following recent weakness has help extend the losses today. April is $1.38 lower at $64.50 and June is $1.50 lower at $74.40.