Corn futures are slightly higher at midday. The market has been able to bounce off of opening lows on some short-covering from recent losses. Weather jitters are helping to limit losses. Recent rain has helped recharge soil moisture levels, but could eventually contribute to planting delays. May is 1 1/4 cents higher at $3.92 1/4 and December is 1 cent higher at $4.02 1/4.



Soybean futures are steady to higher at midsession. The market is finding support from short-covering following yesterday's decline. Traders are gearing up for the Prospective Plantings report due out on Friday. Expanding harvest progress in South America will be a limiting factor for old-crop contracts. May is 3/4 of a cent higher at $7.59 1/4 and November is unchanged at $8.02 1/4.



Wheat futures are trading mostly lower at midday. Technical weakness and favorable winter wheat crop conditions are keeping the market on the defensive. However, losses are being limited by light short-covering and bargain hunting following recent declines. CBOT May is 1/4 of a cent lower at $4.57 3/4, KCBT May is 2 1/2 cents lower at $4.74 1/2, and MGE May is 1 cent higher at $5.00.



Cattle futures are trading lower at midsession. Negative packer margins have raised concern that packers may cutback on slaughter. Beef demand should begin to soon show seasonal improvement, but boxed beef was down again on Monday. Cash market fundamentals are expected to improve into April, but cash bids are currently expected to be steady this week. April is 53 cents lower at $97.53 and June is 60 cents lower at $94.53.



Lean hog futures are lower at midday. The market is being pressured by the heavy pace of hog slaughter and long liquidation ahead of the Hogs and Pigs report. However, losses in the nearby are being limited by firm packer bids amid margins that are holding in the black. April is 50 cents lower at $63.30 and June is 50 cents lower at $73.75.