Corn futures are trading sharply higher at midday, posting new contract highs. News that Argentina is halting corn exports for now and that China may default on some export sales helped rally the market. Demand for U.S. corn remains strong despite the rally in prices. December is 11 3/4 cents higher at $3.67 and March is 11 1/4 cents higher at $3.81 3/4.

Soybean futures are trading strongly higher at midsession. Spillover support from corn is pushing prices higher although soybeans are still falling further behind in the corn to soybean ratio. January is 12 cents higher at $6.72 1/2 and March is 12 1/4 cents higher at $6.85.

Wheat futures are higher at midday. Strength in corn has pulled the wheat market higher as funds are in a buying mode to start the week. Fundamentally there is some concern about dry weather in the hard red winter wheat belt. CBOT Mar is 7 1/2 cents higher at $5.01 1/2, KCBT Mar is 7 cents higher at $5.36 1/2, MGE Mar is 4 1/2 cents higher at $5.16 1/2.

Cattle futures are lower at midday. Front end months are being pressured by the bearish October marketings data in Friday's Cattle on Feed report. Smaller than expected placements had offered deferred contracts light support early before turning lower due to the higher corn prices. December is 33 cents lower at $87.25 and February is 23 cents lower at $90.00.

Lean hog futures are strongly higher at midsession. Steady to firm cash markets were noted this morning as the Smithfield packing plant in North Carolina returned to normal operation. Packers have raised bids for post-holiday slaughter needs following the $1.10 jump in pork cutouts on Friday. December is 70 cents higher at $61.95 and February is $1.03 higher at $65.95.