Corn futures are trading higher at midday. Technical buying is supporting the market despite some early efforts to consolidate the recent rally. Strong inflationary signs continue to fuel fund buying. March is 1 cent higher at $2.18 3/3 and May is 1/2 of a cent higher at $2.28 1/4.



Soybean futures are lower at midsession. Consolidation after the strong rally the past two sessions has weighed on the market this morning. Forecasts for Argentina and southern Brazil are being watched closely and the current consensus is that there are chances from some mid-week rain. March is 1 3/4 cents lower at $5.97 and May is 1 1/2 cents lower at $6.08.



Wheat futures are trading mostly higher at midday. Bullish fundamentals are fueling light buying interest today. Weather problems remain in the southern Plains, Ukraine and Russia. The market is also hoping that the U.S. gets a big chunk of the recent Iraqi tender. CBOT Mar is 1 cent higher at $3.46 1/4, KCBT Mar is 1/2 of a cent higher at $3.98 3/4 and MGE Mar is 1 1/4 cents lower at $4.00 1/4.



Cattle futures are slightly lower at midsession. Short-covering pushed prices higher early, but gains eroded due to weakening beef prices and a larger supply of market ready cattle that could pressure the cash market this week. February is 15 cents lower at $93.10 and April is 5 cents lower at $91.10.



Lean hog futures are mixed at midday. Short-covering from recent losses has provided light support. However, gains are limited by the recent weakness in the cash market as supplies of market ready hogs remains ample. February is 5 cents higher at $56.13 and April is 3 cents lower at $61.80.