CBOT futures closed mixed with similar price direction as seen Tuesday. Corn futures added small gains and remain a few cents below critical chart resistance. Soybean futures were weighed by the advancing harvest and shipments from Brazil. Wheat futures added to Tuesday losses; this followed Monday’s rally to key chart resistance that formed a “double-top”. Traders are positioning for Tuesday’s plantings and stocks reports.

Cattle futures closed lower despite sharply higher boxed beef values at midday and late-day. Choice beef soared 3.68 to 250.51 and Select rose 2.36 to 247.14. Given how far cattle have rallied since last week, traders probably want to wait for cash cattle to trade.

Lean Hog futures closed mixed, reversing the direction of Tuesday’s moves. Traders are preparing for Friday afternoon’s Quarterly Hogs and Pigs Report. The average trade guess calls for 103.5% breeding herd and 107.2% market hogs (reported in Daily Livestock Report). FOB Plant Pork is down .99 to 66.82 with all cuts down in value except the belly. The April LH contract has had similar daily lows for the last 5 trading days – could be signaling a low if the Hogs & Pigs report is neutral or friendly.

Outside markets were quite volatile today with a sharp drop in U.S. equity indexes, a big jump in crude oil and lower Treasury yields which weakened the US Dollar. Risk in these markets is on the rise. Crude oil looked past the bearish increase in U.S. inventories (to 80-year highs) to the increased tensions in the Middle East with the Yemen situation getting worse.

Corn May +2 395; Jly +2 403; Dec +1 418 Bean May -3 979; Jly -4 982; Nov -5 957 Meal May -2 324; Oct -2 315 Oil -7 3104 Wheat May -4 519; Jly -4 524; Dec -4 548 KC Jly -3 568; MGE -1 586 Oats unch 282 Rice -16 1096

LC Apr -27 16172; Jun -67 15237; Oct -12 15215 FC Mar +52 21770; Apr -167 21725; Aug -150 21775 LH Apr +122 5982; Jun -7 7460; Oct -10 6770 Milk Apr +1 1553; May +21 1546

US$ -.3%

Dow -293 17719 SP -30 2061 NAS -118 4877 Tran -181 8727 VIX +1.82 15.44 +13.4%

WTI +146 4897 Brent +126 5637 Gas +3 183 NG -5 273 HO +2 172 Eth -1 150 Gold +3 1195 Slvr -3 1695

2-yr +.011 0.606% 5-yr +.044 1.414% 10yr +.049 1.927% 30yr +.043 2.507%

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