CBOT futures closed steady to lower on a relatively quiet trading day. Corn, soybean and soybean meal futures didn’t trade above yesterday’s highs. Wheat futures did surpass Monday’s highs but closed mostly lower. Soybean Meal futures posted 1+ percent losses, adding to Monday’s losses. Meal may have been pressured by a larger-than-expected NOPA Crush report for February. Soybean futures were pressured by a sharp drop (almost 4%) in the Brazilian Real today. For reference, the Real is over 15% weaker than year-ago levels and 59% below the Real’s peak set in mid-2011. Brazil’s soybean harvest is around the 60% complete mark and the crop estimate is record large, near 100 MMT.

Cattle futures closed strongly higher on a continued strong rise in the boxed beef market – on top of Monday’s gains of 3.42 and 2.37. Today, Choice carcasses ended up 3.54 at 231.01; Select up 4.09 at 221.58, which is similar to the midday market quotes. The early warm weather may encourage more grilling activity.

Lean Hog futures closed little changed. Weak cash hog and pork markets discouraged buyers. FOB Plant Pork closed down .89 at 75.74 with losses in loins and hams and 10 pct gain in picnics.

Corn May unch 368; Jly unch 373; Dec unch 387 Bean May -4 892; Jly -4 898; Nov -4 903 Meal -3 268 Oil +4 3249 Wheat May -1 477; Jly -1 484 KC unch 489; MGE -2 519 Oats unch 196 Rice -8 1037

LC Apr +142 14072; Jun +150 13032; Oct +67 12370 FC Mar +192 16397; May +215 16380; Aug +150 16230 LH Apr -5 7072; Jun +27 8330; Aug -22 8107 Milk Mar unch 1379; Apr -3 1345 US$ steady Dow +22 17252 SP -4 2016 NAS -22 4729 Tran -43 7647 VIX -.08 16.84

WTI -84 3634 Brent -53 3900 Gas -1 141 NG +3 185 HO -2 118 Eth -1 143 Gold -14 1231 Slvr -26 1526

2-yr +.008 0.968% 5-yr +.014 1.493% 10yr +.005 1.968% 30yr -.002 2.730%

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