Corn futures are trading mixed at midday. USDA raised ending stocks by 50 million bushels due to a lowered export number by that amount. However, that was well anticipated by the market. Most deferred contracts are lower, but losses have been limited by the already heavily short position. March is 3/4 of a cent higher at $1.95 1/2.

Soybean futures are mixed at midday. USDA raised U.S. ending stocks by 5 million bushels due to a lowered crush number. Carryout is expected to be the largest since 1985-86. However, the USDA revisions were well within trade estimates. March is 2 cents higher at $5.05 1/2.

Wheat futures are mostly higher this morning. USDA lowered U.S. ending stocks by 25 million bushels after raising exports that amount. However, gains are being limited by the large global wheat stocks number. CBOT Mar is 1 cent higher at $2.92 3/4, KCBT Mar is 1 3/4 cents higher at $3.29 3/4 and MGE Mar is 2 1/4 cents higher at $3.43.

Cattle futures are trading lower at midday. Profit-taking and technical selling are weighing on the market. However, cash fundamentals remain positive with the recent jump in beef prices and tight showlists this week. April is 25 points lower at $88.65.

Lean hog futures are mostly higher at midsession. A short-covering rally has helped the market recover from initial losses. Cash fundamentals remain negative with lower cash bids and weak pork cutout prices. April is 35 cents higher at $74.35.