CBOT futures closed lower except for the Soybean Oil contract which benefited by sharply higher crude oil futures. Corn, beans and wheat traded higher overnight but dropped sharply when markets re-opened at 830 am CT. The closes were within 1-2 cents of the day’s lows. Wheat led the CBOT down as improved rain prospects are expected next week. CBOT prices finished down despite the friendly outside markets -- stronger energy futures, weaker US Dollar, higher precious metals and higher equity indexes.

The breakout above key chart resistance (neckline of a Head-and-Shoulders bottom) failed in the KC and MGEX markets; CBOT wheat never did get above the key resistance level.

USDA rated the U.S. Winter Wheat crop as follows:

	April 5	Year Earlier
Very Poor	4	10
Poor	12	19
Fair	40	36
Good	37	30
Excellent	7	5

Cattle futures closed lower after trading to new highs for this rally off the late-February lows. Cattle sold off despite Friday’s $2-3/cwt higher cash cattle trade and today’s rising boxed beef values. Choice up .91 at 256.48 and Select up 2.26 at 251.55. Today’s price action is bearish with key reversals and hook reversals everywhere. The trading ranges were very wide compared to narrow ranges over the past 8 trading days. The selling may have been started with hog/cattle price spreading. After April LC climbed $16-18/cwt since late February, it shouldn’t be surprising to see profit-taking. The huge jump in energy futures may have caused doubts about beef demand being sustained.

Lean Hog futures closed steady to moderately higher in deferred contracts. Friday’s higher pork values followed by $1.50/cwt gains in western Corn Belt hog prices today lifted Lean Hog futures. FOB Plant Pork closed down .05 at 65.70; picnic value dropped 9% and belly value rose over 5%.

Corn May -1 385; Jly -1 393; Dec -1 410 (408-14) Bean May -7 978; Jly -8 983; Nov -6 968 (967-78) Meal May -4 323; Oct -3 318 Oil +22 3126 (high 3175) Wheat May -8 528; Jly -8 528 (525-43) KC -10 576; MGE -5 595 Oats unch 269 Rice -4 1082

LC Apr -57 16245; Oct -110 15030; Dec -75 15097 FC Apr -57 21980; Aug -80 21775; Oct -70 21600 LH Apr +7 6325; Jun +90 7660; Oct +50 7002 Milk Apr +2 1561; May +8 1565

US$ +.3%

Dow +118 17880 SP +14 2080 NAS +30 4917 Tran -39 8566 VIX +.07 14.74

WTI +285 5199 Brent +295 5790 Gas +8 184 NG -6 266 HO +7 176 Eth +5 162 Gold +13 1214 Slvr +26 1696

2-yr +.016 0.500% 5-yr +.053 1.305% 10yr +.063 1.899% 30yr +.071 2.555%

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