CBOT futures closed mixed. Corn finished near the highs, wheat near the lows and soybeans in the top half of the day’s range. Corn found support from the bullish momentum of the big Friday-Monday rally, as well as the very slow pace of corn planting in the southern U.S. Wheat sold off in reaction to improved crop conditions in OK/TX and extended forecasts of rain coming to the southern Plains. July Chicago and KC wheat charts now appear to have double-top formations. A modest selloff the next couple weeks followed by a rally through this double-top level would create a bullish head-and-shoulders bottom formation. Soybean futures cut losses late in the day with little market news to consider. Traders are anxious to get USDA’s Planting Intentions Report next Tuesday. Quarterly Grain Stocks could also move the market that day.

Cattle futures closed mixed with minimal change. Prices soared Monday from the higher cash prices paid Friday and boxed beef values firming up. Choice beef closed 1.04 higher at 246.83 and Select gained 1.55 to 244.78. Packers need higher beef values to erase their negative margins.

Lean Hog futures had a volatile trading day with an interesting close where the nearby contracts fell in price while the deferred contracts rose sharply. In late-day e-trade, April LH fell below the pit closing price. Pork was weak today with FOB Plant Pork dropping .08 to 67.81.

Record-large beef and pork stocks in the freezer for the end of February confirms the impact of reduced exports over the past few months. Pork and chicken production will increase in 2015, so export markets are needed. 2015 year-to-date, pork is up 3.9% and broiler is up 6%; beef production is down 4.6% (reported in Daily Livestock Report, CME Group, March 23).

Corn May +3 393; Jly +3 401; Dec +3 417 Bean May -2 982; Jly -1 986; Nov -2 962 Meal May -1 326; Oct -1 317 Oil -4 3111 Wheat May -10 523; Jly -10 528; Dec -8 552 KC Jly -9 571; MGE -8 587 Oats unch 282 Rice +9 1112

LC Apr +65 16200; Jun +5 15305; Oct +45 15227 FC Mar +20 21717; Apr -25 21892; Aug -42 21925 LH Apr -65 5860; May -252 6615; Oct +210 6780 Milk Apr +14 1553; May +25 1524

US$ +.2%

Dow -105 18011 SP -13 2091 NAS -16 4995 Tran -60 8908 VIX +.21 13.62 +1.6%

WTI +.4% Brent -1% Gas unch NG +1.7% HO -1.1% Eth -.1% Gold +.4% Slvr +.3%

2-yr -.020 0.561% 5-yr -.038 1.358% 10yr -.044 1.871% 30yr -.045 2.464%

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