Corn futures are fractionally higher at midday. The market remains rangebound as traders look for direction. The March contract is finding light support from lighter-than-expected deliveries. The market is vulnerable to a correction lower at any time, but we expect steady to higher prices near-term. March is 1/2 of a cent higher at $2.28 and May is 1/2 of a cent higher at $2.39 1/2.



Soybean futures are trading higher at midsession. The market has continued yesterday's late session rally as futures were due for a technical correction following last week's sell-off. However, gains are being limited by bearish fundamentals. March is 3 cents higher at $5.82 1/2 and May is 3 cents higher at $5.96.



Wheat futures are higher at midday. Small losses were seen early on a correction of yesterday's late session, fund led rally. However, the market turned higher as crop conditions remain poor in the southern Plains and weather forecasts for the next few days remain warm and dry. CBOT Mar is 4 1/4 cents higher at $3.77 1/2, KCBT Mar is 1 1/2 cents higher at $4.42 and MGE Mar is 5 cents higher at $4.24.



Cattle futures are steady to lower at midsession. The market remains mixed as the market waits for cash trade to develop. Last Friday's Cattle on Feed report was bearish, but the market has not reacted much due to the already big discount. April is unchanged at $86.80 and June is 13 cents lower at $82.15.



Lean hog futures are trading lower at midday. Weakness in the cash market and lower pork cutouts on Monday are weighing on futures. Long liquidation and technical selling have helped extend the losses this morning. April is 78 cents lower at $61.35 and June is 73 cents lower at $69.35.