CBOT futures closed moderately higher with corn and wheat futures bouncing back from yesterday’s losses in reaction to the USDA reports. Wheat’s recovery was stronger than corn’s since wheat actually didn’t have negative data yesterday but had been sold in sympathy with corn. The outside markets were somewhat supportive today. Corn also found support from very slow planting progress in the South as well as forecasts for wetter than normal conditions in the eastern Corn Belt and especially in the Ohio Valley (heavy rain coming Friday and the 6-10 day is wet).

Soybean and meal futures added about 1.5 percent to Tuesday’s gains which resulted from a friendly USDA report. This put futures above last week’s highs set on Monday, March 23. Also this appears to confirm a double-bottom on the charts.

Cattle futures closed mixed when the pit closed at 1 pm, but futures have strengthened during the afternoon with most contracts showing gains now. Stronger boxed beef values today have pushed LC futures back toward the top end of the 8-day sideways trading range. Choice beef closed up 1.29 at 255.42 and Select gained 1.57 to 250.21.

Lean Hog futures closed slightly higher today despite a bigger drop in the Pork cutout. FOB Plant fell 1.38 to 63.98. Cash hog prices firmed. LH futures continue to creep higher as traders cover shorts in hopes that this market will rally pretty soon.

Corn May +5 382; Jly +6 390; Dec +6 407 (399-407) Bean may +16 990; Jly +17 994; Nov +17 973 (955-74) Meal May +5 332; Oct +5 324 Oil +30 3069 Wheat May +17 528; Jly +15 529 (508-30) KC +12 576; MGE +14 594 Oats -3 262 Rice -9 1078

LC Apr +47 16180; Oct -22 15097; Dec -15 15155 FC Apr +50 21862; Aug -35 21792; Oct +20 21595 LH Apr +47 6290; Jun +45 7625; Oct +97 7012 Milk Apr -2 1563; May -19 1569

US$ -.2%

Dow -78 17698 SP -8 2060 NAS -21 4880 Tran -69 8672 VIX -.18 15.11

WTI +196 4956 Brent +157 5668 Gas +5 182 NG -4 260 HO +3 174 Eth +6 155 Gold +21 1204 Slvr +34 1693

2-yr -.020 0.539% 5-yr -.057 1.318% 10yr -.077 1.857% 30yr -.082 2.461%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 03/31/15 Receipts: 2448 Last Week: 4703 Year Ago: 2511 Compared to last week steer and heifer calves sold steady to 5.00 higher with very good demand on a good through attractive quality offering. Yearling steers sold steady to weak with moderate demand. Yearling heifers sold steady in a light test. Slaughter cows and slaughter bulls sold steady to 1.00 higher with moderate demand.