Corn futures are trading higher at midday. The market is finding support from speculative buying and spillover strength from outside markets. Crude oil was up strongly yesterday and gold is up sharply today. Fundamentals remain positive with strong demand for ethanol and feed. March is 4 cents higher at $4.08 3/4 and December is 1 1/4 cents higher at $3.99.



Soybean futures are higher at midsession. Strength in corn and wheat are supporting the market as soybeans try to limit the reduction in acreage this spring. Statistics Canada is reporting canola stocks as of December 31 at down 11.1 percent from last year. March is 7 cents higher at $7.28 and November is 7 1/2 cents higher at $7.81.



Wheat futures are higher at midday. The correction of intermarket spreads is helping wheat futures gain on corn. Support is also coming from cold weather and winterkill concerns along with a bullish December 31 wheat stocks estimate from Statistics Canada that showed stocks down 6.9 percent from the previous year. CBOT Mar is 8 cents higher at $4.67 1/2, KCBT Mar is 7 1/4 cents higher at $4.89, and MGE Mar is 6 1/2 cents higher at $4.96.



Cattle futures are trading higher at midsession. Fund and commercial buying is supporting the market. Cold weather concerns are providing some underlying support as feedlot performance will further be hampered. Cash markets are expected to be mostly steady this week as packer margins have been trimmed by declining beef prices. February is 38 cents higher at $90.30 and April is 50 cents higher at $93.13.



Lean hog futures are higher at midday. The market is being supported by fund and commercial buying. Cold weather is limiting marketings and helping keep cash markets firm. Russia has announced that as of February 1 it will ease rules on pork imports, which could give already strong export demand a boost. February is 58 cents higher at $64.15 and April is 53 cents higher at $67.78.