Corn futures are trading steady to fractionally higher at midsession. The market is consolidating at current levels. Recent rainfall in the Midwest has helped recharge soil moisture ahead of the planting. On the other hand, traders are looking for less planted acreage this year. May futures are 1/2 of a cent higher at $2.22 1/4 and December is steady at $2.54 1/2.



Soybean futures are slightly higher at midday after a lower open. Traders are consolidating ahead of the USDA reports due out Friday. Abundant stocks of old-crop supplies and expectations for increased acreage are limiting buying interest. May is 1 3/4 cents higher at $5.81 1/4 and November is 2 cents higher at $6.10.



Wheat futures are trading firm at midsession. Gains are being attributed to a technical bounce after falling to two-month lows set earlier in the session. Recent rainfall has helped wheat condition ratings improve in the Plains, but overall hard red winter wheat conditions are still struggling. CBOT May is 2 3/4 cents higher at $3.42 1/2, KCBT May is 2 1/2 cents higher at $4.00, and MGE May is 1 1/2 cents higher at $3.92.



Cattle futures have traded both sides this morning, but are mostly lower at midday. Short-covering offered initial support, but despite deeply oversold conditions the market has slipped lower again. The bearish Cattle on Feed report last week and ideas of lower cash trade this week are pressuring prices. April is steady at $81.88 and June is 13 cents lower at $79.95.



Lean hog futures are trading lower at midsession. Carryover selling and steady to lower cash prices are weighing on the market. Large supplies of pork and competing meats remains a concern. In addition, the Hogs and Pigs report is expected to show 1%-2% growth in the U.S. hog herd. April is 50 cents lower at $57.25 and June is 53 cents lower at $66.25.