The WASDE report from USDA was released at 11 am CDT and did not provide the news that bullish traders were expecting.  Without bullish news, it’s not surprising to see the large funds take profits on a large number of contracts. The ongoing PEDv trouble in the U.S. hog herd will reduce feed consumption.  Reports of poor crush margins in China would imply some marginal reduction in their soybean demand but export shipments remain very strong out of the U.S.   USDA raised its 2013/14 soybean export forecast by 20 million bushels to 1530 million bushels. This compares to 1320 million bushels for 2012/13.

Wholesale values of pork and beef soared today.  Choice Beef rose 2.88 to 238.90 and Select Beef increased 3.12 to 235.99/cwt. The FOB Plant Pork Cutout soared 2.95 to 114.94/cwt.  Lean Hog futures continue marching higher on fears that PED virus is reducing the pig crop more seriously than estimated.  The March 28 Hogs and Pigs report should clear this question up.

Live Cattle futures edged higher but not in line with the sharp pop in boxed beef values.  However, Feeder Cattle futures made strong gains as the CBOT moved lower.

Corn May -11 478; Jly -11 482; Dec -7 478 Bean May -38 1419; Jly -30 1394; Nov -11 1176 Meal May -13 445; Oct -4 362 Oil -46 4386 Wheat May -13 641; Jly -13 646 KC -10 711;  MGE -12 693 Oats -23 423 Rice -10 1521

LC Apr -10 14315; Jun +52 13640; Oct +52 13787 FC Mar +132 17370; Apr +207 17572; Aug +192 17800 LH Apr +300 limit 11600; Jun +300 12350; Oct +227 9987 Milk Mar +25 2290; Apr +18 2143

US$ steady

Dow -34 16419 SP -1 1877 NAS -2 4334 Tran -12 7580 VIX +.09 14.20

WTI -166 10092 Brent -114 10786 Gas -3 295 NG +4 466 HO -5 296 Eth -4 227

Gold +2 1340 Slvr -10 2080

2-yr unch 0.37% 5-yr -.01 1.625% 10yr -.01 2.78% 30yr unch 3.72%

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