CBOT futures were pressured by larger than expected ending stocks estimates for WORLD supplies in 2012/13. U.S. domestic estimates were mostly neutral, but corn was better than expected. Trading ranges today were very wide in wheat and corn futures.

Focus may turn to the threat to exports if bird flu in China spreads to more areas. Also, the ongoing cool, wet weather in the eastern Corn Belt may make traders nervous about delayed fieldwork.

Although cattle futures weakened throughout the morning, the losses accelerated when news hit that fed cattle traded at $127 in KS and TX, down $1 from last week. This burst the optimism for higher cash prices and traders dumped longs. Boxed beef values dropped -- Choice down 0.46 at 190.95; Select down 1.45 at 185.57.

Despite spillover pressure from sharply lower cattle futures, Lean Hog futures closed higher on the nearby April contract as cash hog prices firm.

The Dow Jones Index and the S&P 500 Index traded to new record highs today. The Fed Minutes indicate monetary easing will continue for several more months even though some FOMC members foresee a cutback by the end of the year.

Corn May +5 649; Jly +5 632.5; Dec +3 543 (531-550) Bean May -3 1393; Jly -4 1367.5; Nov -4 1237.5 (1231-1248)   Meal May -2 393; Oct -2 342   Oil +5 5003 Wheat May -12 697; Jly -11 703 (694-718)   KC Jly -16 738; MGE -17 782 Oats +1 362 Rice -3 1567

LC Apr -145 12527; Aug -190 12075; Dec -182 12665 FC Apr -212 14050; May -242 14232; Aug -240 14917 LH Apr +50 8122; Jun -35 8950; Oct -25 8120 Milk Apr +3 1757; May -9 1838

US$ +.2% Dow +129 14802 SP +19 1588 NAS +59 3297 Tran +108 6181   VIX -.48 12.36

WTI +35 9455 Brent -63 10560 Gas -7 287 NG +7.5 409 HO -1 295 Eth -8 242 Gold -30 1557 Slvr -34 2754

2-yr unch 0.23% 5-yr +.04 0.74% 10yr +.05 1.81% 30yr +.07 3.00% 

Blue Grass Stockyards       Cattle Report for 04/09/2013 Receipts:  2,001   Last Tuesday:  1,590   Year Ago:  1,682    Compared to Monday, steer calves sold steady to 2.00 higher with moderate demand.  Heifer calves sold steady to 2.00 higher however featherweight heifer calves under 400 lbs 5.00-10.00 higher in a light test with very good demand.  Yearling steers and heifers sold steady with moderate demand.  Mostly average to good quality offering.  Slaughter cows sold 1.00 to 2.00 lower with moderate demand. Slaughter bulls sold steady with good demand.

   Total supply included 06% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 93% feeders.  Feeder supply 45% steers, 13% bulls, 43% heifers with 69% of feeders weighing over 600 lbs. 

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