Corn futures are trading steady to slightly higher at midday. Follow-through technical buying from yesterday is underpinning prices amid the lack of fresh fundamental news. The March contract was able to push above resistance on Tuesday and now appears set on testing contract highs. March is 1/4 of a cent higher at $4.11 1/4 and December is unchanged at $4.03.



Soybean futures are slightly lower at midsession. Light technical selling is weighing on the market. The January NOPA crush report was released this morning and it was slightly bearish. Crush was 148.8 million bushels versus trade expectations of 149.1 million. Soybean oil stocks of 2.738 billion pounds were above pre-report estimates of 2.720 billion. March is 1 1/4 cents lower at $7.53 3/4 and November is 1 1/2 cents lower at $8.05 1/2.



Wheat futures are trading slightly lower at midsession. Rain and snow in the southern Plains continues to bolster soil moisture levels for the hard red winter wheat crop. The prospect for increased U.S. and world wheat production remains an underlying bearish factor. CBOT Mar is 1 1/2 cents lower at $4.57 1/2, and KCBT Mar is 5 cents lower at $4.82 1/2, and MGE Mar is 1 cent lower at $4.96 1/2.



Cattle futures are lower at midday. Profit-taking is weighing lightly on futures after posting new highs on Tuesday. Cash fundamentals remain bullish and firm cash trade is expected this week. Beef prices are rising and wintery weather in the Plains continues to hamper feedlot operations. February is 40 cents lower at $94.00 and April is 10 cents lower at $96.25.



Lean hog futures are higher at midsession. Favorable packer margins and continued light marketings due to cold and wintery weather is supporting futures. Pork cutout values have risen to the highest level since mid-September. April is 83 cents higher at $68.10 and June is 60 cents higher at $77.65.