Corn futures are higher this morning on a small technical bounce. Recent losses are being seen as overdone after posting new contract lows every session since the USDA reports last week. Cash basis levels in the Midwest are steady to firm this morning. March is 1 cent higher at $1.97.



Soybean futures are trading higher at midsession. Technical buying is supporting the market as recent losses were seen as overdone. Gulf basis levels improved yesterday after the sharp decline late last week. March is 5 1/4 cents higher at $5.18 3/4.



Wheat futures are higher at midday on a technical rebound. Unlike yesterday's rally attempt, corn and soybeans are also higher. Iraq is said to be close to agreeing to buy 300,000 metric tons of U.S. wheat. CBOT Mar is 4 3/4 cents higher at $3.01 1/4, KCBT Mar is 6 cents higher at $3.40 3/4 and MGE Mar is 3 3/4 cents higher at $3.46.



Cattle futures are trading strongly lower at midday. Fund selling is weighing on prices on ideas that beef prices will soon be topping. Beef prices are the highest since last May. Cash markets are still expected to trade steady to $1 higher this week. February is 138 points lower at $89.75.



Lean hog futures are lower at midsession. Futures are being pressured by their premium to cash and ideas that cash markets will decline the second half of the week due to larger marketing runs amid improved weather. February is 18 cents lower at $75.40.