Corn futures are firm at midsession. Gains are being attributed to short-covering ahead of the weekend and spillover support from soybeans. Buying interest is being limited by recent moisture in the Midwest that has improved crop prospects for the 2006 crop. May is 1 cent higher at $2.20 1/4 and December is 3/4 of a cent higher at $2.52.



Soybean futures are trading higher at midday. A mild short-covering bounce is supporting the market. However, gains are being limited by large stocks in the U.S., expectations for a record South American crop, and recent rainfall that will help the 2006 crop. May is 3 cents higher at $5.77 3/4 and November is 3 cents higher at $6.06.



Wheat futures are lower at midsession. The KCBT is leading the decline as traders unwind KCBT/CBOT spreads. Recent rainfall and forecasts for precipitation early next week in the Plains has eroded some weather premium. Also, export demand remains sluggish. CBOT May is 1 1/2 cents lower at $3.42 1/2, KCBT May is 4 1/2 cents lower at $4.03 and MGE May is 1 1/2 cents lower at $3.94.



Cattle futures are trading slightly higher at midsession. Steady cash trade so far this week and the lifting of short-hedges have offered light support. However, gains are being limited by declining beef prices and caution ahead of this afternoon's Cattle on Feed report. April is 5 cents higher at $83.33 and June is 3 cents higher at $77.58.



Lean hog futures have turned higher at midday. Lower cash prices and ideas of further declines next week initially weighed on the market. However, short-covering has since pushed prices higher. Pork cutouts rallied $1.02 yesterday, although there is little optimism that prices will hold up. April is 18 cents higher at $58.40 and June is 20 cents higher at $67.35.