Corn futures are trading slightly higher at midsession. Gains are being attributed to a technical bounce from recent losses. Gains are being limited by large U.S. corn stocks and improved crop conditions in Argentina due to recent rainfall. March is 1/4 of a cent higher at $2.06 and May is 1/2 of a cent higher at $2.16.

Soybean futures are higher at midday. Technically oversold conditions have led to this morning's small rebound. Also, China is rumored to been in the market for 3-5 cargoes of U.S. soybeans. Gains are being limited by improved crop conditions in South America and large U.S. stocks levels. March is 1 1/2 cents higher at $5.67 1/4 and May is up 2 cents at $5.76 3/4.

Wheat futures are trading higher at midday. The market is stabilizing after recent losses. Dry conditions in the southern Plains remains a supportive factor although some forecasts call for rain next week. Lackluster export demand is limiting the rally attempt. CBOT Mar is 2 3/4 cents higher at $3.25 1/4, KCBT Mar is 5 1/4 cents higher at $3.78 and MGE Mar is 3 1/2 cents higher at $3.86.

Cattle futures are slightly lower at midday, but have been mixed this morning. Traders are waiting for cash trade to develop for direction. Expectations for a bearish Cattle on Feed report due out Friday afternoon are weighing on the market. February is 38 cents lower at $95.70 and April is 15 cents lower at $94.35.

Lean hog futures are trading higher at midsession. Steady to higher cash markets are helping futures rebound slightly from recent losses. Futures premium to cash has narrowed recently as the cash market has rallied and futures have declined. February is 20 cents higher at $58.35 and April is 33 cents higher at $63.33.