Corn futures are trading slightly higher at midday. The market has been choppy this morning, but is holding onto small gains. Weekly export sales were at the high end of trade expectations and market sentiment is bullish. However, buying interest appears limited. March is 1 cent higher at $4.01 3/4 and December is 1/2 of a cent higher at $3.98 1/4.



Soybean futures are lower at midsession. The lack of support from corn and mostly bearish fundamentals are weighing on the market. Growing conditions in South America remain favorable. Soybean weekly export sales were at the high end of trade expectations, but soybean meal commitments were a marketing year low and soybean oil sales were light. March is 1 1/2 cents lower at $7.13 1/2 and November is 1/4 of a cent lower at $7.66 1/2.



Wheat futures are slightly lower at midday. The lack of spillover support from corn and disappointing weekly export sales are weighing on the wheat market. Sales fell well below trade expectations at only 9 million bushels, down 70% from the previous week. CBOT Mar is 2 cents lower at $4.64, KCBT Mar is 1/4 of a cent lower at $4.86 1/2, and MGE Mar is 2 cents lower at $4.93.



Cattle futures are trading higher at midsession. Traders are evening positions ahead of the Cattle on Feed report that is due out on Friday afternoon. The cash market is yet to develop, but mostly steady prices are expected. Packers have picked up slaughter this week and will need some inventory even though beef prices have been declining. February is 45 cents higher at $90.30 and April is 28 cents higher at $93.20.



Lean hog futures are mostly lower at midday. The front end is slightly higher on technical buying and mostly steady cash markets. Most deferred contracts are lower on light profit-taking after summer months posted new contract highs on Wednesday. February is 3 cents higher at $62.85 and April is 33 cents higher at $67.00.