Corn futures are trading slightly higher at midday after choppy trade this morning. Light support is coming from consolidation of yesterday's losses and spillover strength from wheat. Weekly export sales of 54.3 million bushels were above trade expectations. March is 1/2 of a cent higher at $2.17 and May is 1/2 of a cent higher at $2.27.

Soybean futures are higher at midsession. Short-covering following recent losses is supporting the market. Rain in Argentina helped pressure prices yesterday, but some light support today is coming from warmer drier forecasts for next week. March is 1 1/4 cents higher at $5.80 3/4 and May is 3/4 of a cent higher at $5.93.

Wheat futures are trading strongly higher at midsession. The KCBT has pushed to new contract highs. Supportive factors include reports that India will import 500,000 tonnes of wheat and continued dry weather in the southern Plains. CBOT Mar is 6 1/4 cents higher at $3.45 1/2, KCBT Mar is 9 cents higher at $4.02 and MGE Mar is 5 3/4 cents higher at $3.98.

Cattle futures are lower at midday. Fund liquidation and technical weakness is weighing on futures. Lower boxed beef prices on Wednesday and ideas of declining cash trade this week are negative fundamental factors. February is 90 cents lower at $92.15 and April is 98 cents lower at $89.95.

Lean hog futures are sharply lower at midsession. Fund selling has been triggered by technical weakness and signs that packer bids are being pulled back. Pork prices have pulled back and were 85 cents lower on Wednesday. February has dipped to a new contract low this morning. February is 178 points lower at $54.45 and April is down 163 points at $60.40.