CBOT futures closed steady to higher on fund buying. March Corn reached a new high and new closing high for this move. Traders continue to watch Russia for news of how much their exports could be curtailed. Still the US is not competitive for wheat export sales.

The US dollar rose again today and has now surpassed the early 2009 high; the next target could be the late 2005 high. Dollar strength works against export sales.

Although cattle futures closed lower today, prices remain well above last week’s lows. Prices dropped despite a very strong beef market today. Choice up 3.24 at 242.60; Select up 1.04 at 231.26.

Lean Hog futures closed higher today, offsetting much of Monday’s losses. This afternoon’s Hogs and Pigs Report is considered slightly bearish with larger-than-expected market and breeding inventories. Kept for breeding is 103.7 pct compared to the average trade guess of 103.0 pct. However, late-day futures trading did not react sharply.

The DOW Index surpassed 18000 for the first time ever today.

Corn Mar +2 414; Jly +2 428; Dec +2 437 (434-38) Bean Jan unch 1038; Jly -1 1059; Nov -1 1023 (1019-32) Meal Jan +3 371; Jly -1 349 Oil +18 3222 Wheat Mar +10 635; Jly +8 639 (625-40) KC +7 665; MGE +6 651 Oats -1 309 Rice +2 1218

LC Dec unch 16185; Feb -22 16060; Jun -67 15237 FC Jan -337 21712; Mar -370 21527; Aug -337 21750 Effective today, CME Group has permanently raised the daily price limits to 3 cents/lb for Live Cattle and to 4.5 cents/lb for Feeder Cattle futures. Limits expand by 50 pct if either of the first two contracts settle at the limit. READ CME NOTICE here.

LH Feb +140 8165; Apr +125 8380; Jun +57 8965 Milk Jan -50 1628; Feb -40 1543

US$ +.4%

Dow +65 18024 SP +4 2082 NAS -16 4765 Tran +69 9150 VIX -.45 14.80

WTI +144 5670 Brent +123 6134 Gas +3 156 NG +2 317 HO +3 198 Eth unch 161 Gold -3 1177 Slvr +9 1578

2-yr +.026 0.743% 5-yr +.073 1.732% 10yr +.099 2.260% 30yr +.104 2.853%

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