Corn futures are strongly higher at midsession. Spillover support from soybeans and the rally in the stock market are providing support. In addition, recent comments from the Obama administration point to an increased focus on biofuels, which is a positive development for the ethanol industry. May is 13 1/2 cents higher at $3.79 and December is 14 cents higher at $4.10.



Soybean futures are up sharply at midday. Strength in equities has helped trigger the rally in soybeans as the U.S. stock market is up strongly. Strength in the cash market and rumors that China has been in the market recently for U.S. soybeans are also supportive fundamental factors. May is 20 1/2 cents higher at $8.85 1/2 and November is 25 1/4 cents higher at $8.42 3/4.



Wheat futures are higher at midday, being pulled up by spillover support from corn and soybeans. Weakness in the dollar is also giving some hope for improved export demand. Winter wheat crop conditions remain a concern in the southern Plains although light rains are expected over the next several days. CBOT May is 13 cents higher at $5.36 1/4, KCBT May is 11 3/4 cents higher at $5.86 1/2 and MGE May is 15 cents higher at $6.26.



Cattle futures are trading higher at midsession. Strength in the stock market and weakness in the dollar has helped push prices higher. Expectations for firm cash trade this week are being driven by talk of smaller showlists and firm beef prices. Demand is expected to pick up seasonally soon as we move into grilling season. April is 20 cents higher at $83.40 and June is 13 cents higher at $81.70.



Lean hog futures are strongly lower at midday. Poor packer margins and ideas that reduced packer demand for hogs will push the cash prices lower are pressuring futures despite the strong rally in the stock market and corn prices. Futures have been strong recently on the outlook for tighter supplies of hogs and optimism that demand will improve soon. April is $1.48 lower at $60.95 and June is $1.45 lower $71.75.