Corn futures are trading fractionally mixed at midday. After opening higher, traders were unable to push prices through technical resistance and futures retreated. The market remains open to short-covering bounces, but bearish long-term fundamentals are expected to limit gains. March is 1/2 of a cent lower at $2.07 and May is 1/2 higher at $2.16 3/4.



Soybean futures are trading firm at midday, but have backed down from the highs for the day. Less than expected rain in South America this past weekend and technical buying are supportive factors. January pushed above resistance at $6.02, last Monday's high. However, futures then retreated when no additional buying was triggered. January is 4 3/4 cents higher at $5.97 and March is 5 1/2 higher at $6.08.



Wheat futures are trading higher at midsession. Technical buying is supporting the CBOT as funds remain heavily short. The KCBT is finding light support from the hard red winter wheat belt being dry and recent cold spells increasing the chances of winterill. CBOT Mar is 2 cents higher at $3.21 3/4, KCBT Mar is 1/2 of a cent higher at $3.68 and MGE Mar is 1/2 of a cent higher at $3.74 1/4.



Cattle futures are trading slightly lower at midday. The market is choppy in light pre-holiday trade. Buying interest is limited following contract highs set last week and ideas that the cash market is near a top. Also, Friday's Cattle on Feed report is expected to show large November placements. February is 15 cents lower at $96.93 and April 10 cents lower at $94.60.



Lean hog futures are lower at midsession. Weak cash markets and the recent decline in pork cutouts values are weighing on front-end contracts. Deferred months are being pressured by expectations for increased hog number in next week Wednesday's Hogs and Pigs report. February is 48 cents lower at $63.85 and April is 65 cents lower at $66.58.