Corn futures are trading higher at midday. Trade activity is limited ahead of the USDA reports due out on Friday morning, but support is being generated by strong demand for ethanol use and feed. Pre-report trade estimates for planting intentions stand at 80.6 million, down 1.2 million from last year. May is 1 1/2 cents higher at $2.23 3/4 and December is 2 cents higher at $2.56 1/2.



Soybean futures are narrowly mixed at midsession. The market is quiet ahead of the USDA reports. Fund buying has been limited today as fundamentals are generally bearish. The Prospective Plantings report is expected to show acreage up 1.9 million from last year. May is 1/4 of a cent higher at $5.81 3/4 and November is 1/4 higher at $6.10 1/4.



Wheat futures are trading higher at midsession. The KCBT is leading the way on concern that hard red winter wheat condition ratings remain poor despite recent rainfall. Also, export business has been confirmed with Iraq. Forecasts call for some rain in the Plains the next couple of days, but amounts are expected to remain light. CBOT May is 3 cents higher at $3.44 1/4, KCBT May is 5 1/4 cents higher at $4.07, and MGE May is 3 1/4 cents higher at $3.96 1/4.



Cattle futures are lower at midday, falling to new contract lows for the third consecutive session. Despite firm boxed beef prices, the market remains lower on expectations for weaker cash prices this week. Futures are technically weak, but deeply oversold. At some point, a short-covering bounce is expected. April is 30 cents lower at $81.18 and June is 23 cents lower at $75.18.



Lean hog futures are higher at midsession. Support is coming from short-covering and position evening ahead of the Hogs and Pigs report due out on Friday. Gains are being limited by large supplies of competing meats coupled with record pork production. April is 35 cents higher at $57.80 and June is 55 cents higher at $66.80.