Corn futures are trading higher at midday. Additional short-covering and steady to firm Midwest basis levels are supporting the market. However, futures have still not broken out of recent trading ranges just above contract lows. March is 1 cent higher at $1.98.



Soybean futures are higher at midsession. Speculative short-covering is supporting the market due to the heavy short position. Firm cash markets are also supportive although overnight export business was quiet. March is 1 cent higher at $5.15 3/4.



Wheat futures are higher at midday. Gains are being attributed to a mild short-covering bounce after recently set contract lows. Export business was quiet over the weekend and there is concern that large stocks of world wheat will limit demand for U.S. supplies. CBOT Mar is 2 1/2 cents higher at $2.93 1/2, KCBT Mar is 1 1/4 higher at $3.27 and MGE Mar is 3/4 of a cent higher at $3.41.



Cattle futures are trading mostly higher at midsession. Cash trade is expected to be steady to slightly higher this week due to smaller showlists. Gains are being limited by lower beef prices. February is 23 cents higher at $90.45.



Lean hog futures are lower at midday. Liquidation of the February contract and lower cash prices are weighing on the market. Pork cutouts fell late on Monday and packer margins are poor. February is 70 cents lower at $73.08.