Corn futures are trading slightly higher at midday. Follow-through technical buying is supporting the market as futures try to recover from oversold conditions. Export demand remains strong and ethanol and feed usage is expected to grow. May futures are 1 cent higher at $2.24 1/2 and December is 1/2 of a cent higher at $2.54 1/4.



Soybean futures are higher at midsession. The market is continuing yesterday's technical bounce from oversold conditions. Fundamentals remain bearish, but production forecasts for South America have been trimmed by some analysts recently. May is 5 1/4 cents higher at $5.80 1/2 and November is 5 cents higher at $6.08.



Wheat futures are trading higher at midsession. Gains are being attributed to a technical bounce from the recent slide to two-month lows. Export news is also supportive as USDA has confirmed a 100,000 tonne sale of hard red winter wheat to Iraq. CBOT May is 1 3/4 cents higher at $3.54 1/4, KCBT May is 3 1/4 cents higher at $4.20 1/4 and MGE May is 3 cents higher at $4.06 1/2.



Cattle futures are trading mixed this morning as traders are waiting for direction from the cash market. Early ideas are for steady to firm cash trade. However, gains are being limited by ideas of a bearish Cattle on Feed report due out this Friday that is expected to show a record number of cattle in feedlots. April is 8 cents higher at $83.55 and June is 5 cents lower at $78.15.



Lean hog futures are lower at midday. Carryover selling continues to weigh on the market. Backed up hogs from the recent snow in the Midwest are expected to keep cash bids on the defensive. Pork prices are struggling and competition from cheap poultry prices is expected to continue. April is 60 cents lower at $57.65 and June is 23 cents lower at $66.15.