CBOT futures closed very mixed. Wheat started higher and closed lower; Soybeans started lower and rallied to a positive close. Beans and meal rallied on a better-than-expected export inspections report for last week. The wheat rally failed as traders lack conviction that any Russian export restriction will actually raise US wheat exports substantially. Funds were reportedly buyers of soybeans and sellers of wheat. Outside markets were negative – a stronger US dollar and sharply lower energy prices.

Cattle futures shook off Friday’s very large drop in boxed beef values and the monthly Cattle on Feed Report to open strongly higher this morning. Futures slid backward some but still posted higher closes as today’s beef market edged higher. CHOICE beef closed up .79 to 239.36 and SELECT beef ended up .34 to 230.22/cwt. December LC futures expire on Wednesday.

Lean Hog futures started higher in sympathy with the cattle futures. But prices soon headed lower and kept going all day to end with sharp losses. FOB Plant Pork ended up .69 to 87.52. A 10-pct loss in picnics was offset by gains in bellies and ribs. The Hogs and Pigs Report comes out tomorrow afternoon.

Corn Mar +1 412 (408-14); Jly +1 427; Dec unch 435 Bean Jan +8 1038 (1025-42); Jly +8 1060; Nov +6 1024 Meal Jan +5 368; Jly +3 349 Oil +7 3204 Wheat Mar -6 626; Jly -3 631 (622-44) KC -8 658; MGE -3 645 Oats -1 310 Rice -15 1216

LC Dec +95 16170; Feb +65 16075; Jun +27 15277; FC Jan +7 22022; Mar +67 21865; Aug +60 22020 LH Feb -147 8042; Apr -62 8257; Jun -132 8910 Milk Jan +15 1655; Feb -2 1573

US$ +.1%

Dow +155 17959 SP +8 2079 NAS +16 4781 Tran +92 9082 VIX -1.24 15.25

WTI -180 5533 Brent -127 6011 Gas -3 153 NG -30 317 -8.6% HO -2 194 Eth -1 161 Gold -20 1176 Slvr -35 1567

2-yr +.013 0.663% 5-yr +.008 1.660% 10yr -.016 2.160% 30yr -.029 2.745%