Corn futures are higher at midsession. Outside markets and spillover from soybeans are supporting the corn market. Crude oil and gold trade is higher while the dollar index is lower. Continued drought conditions in Argentina remains a concern for their corn and soybean crops. Improved export demand is also a supportive factor. March is 7 cents higher at $3.97 1/2 and May is 6 1/2 cents higher at $4.08.



Soybean futures are strongly higher at midday. Weather problems in Argentina are supporting the market. Weekend showers in Argentina were light and forecasts call for more warm and dry weather this week. Weakness in the dollar index and continued strong export demand are also bullish factors. March is 20 cents higher at $10.29 and May is 19 cents higher at $10.35 1/4.



Wheat futures are sharply higher at midsession. The market is being supported by spillover strength from corn and soybeans coupled with news that Argentina will reject wheat export permit applications to protect local supplies. Weakness in the dollar index this morning is also a positive development for export demand. CBOT March is 24 1/4 cents higher at $6.07, KCBT March is 23 3/4 cents higher at $6.34 1/4, and MGE March is 15 1/4 cents higher at $6.76.



Cattle futures are trading mostly lower at midday. The market was initially supported by the bullish Cattle on Feed report released Friday afternoon and strength in the stock market. But futures turned lower on spillover pressure from hogs, concern about the economy and recent weakness in the cash market. In addition, choice boxed beef prices were down $1.34 on Friday. February is 33 cents lower at $82.35 while April is still 5 cents higher at $85.85.



Lean hog futures are lower at midsession, with front end months hitting new contract lows. Concern about the global economy and the bearish Cold Storage report from last week are weighing on futures. End of December pork stocks were record high for that time of year and were 20% above year-ago. February is $1.03 lower at $57.90 and April is $1.10 lower at $63.30.