After moving higher overnight, CBOT futures closed lower with sharp losses in wheat. Disappointing weekly wheat export sales started the slide with the price decline magnified by technical selling as support levels broke. Corn futures eventually followed wheat lower and charted bearish reversals today as prices dropped back near Monday’s closes. Soybeans closed slightly lower – marking 3 days of lower prices. Traders are preparing for Tuesday’s key USDA reports.

Outside markets made some big moves with the US dollar stronger and energy prices up sharply.

Cattle futures closed the pit-trading session with lower prices as traders wait for further direction from the cash cattle trade. Boxed beef values closed little changed. A falling stock market and rising gas prices could temper beef demand and a rising US dollar hurts exports.

Lean Hog futures closed mixed with the nearby contracts strongly higher. April LH is up $3.00 from the well-defined bottom established the previous 5 days. A key pivot point for April LH appears to be $63-64. FOB Plant Pork closed up .43 at 67.25 which is off a dollar from the midday quote.

Corn May -4 391; Jly -4 399; Dec -3 415 Bean May -4 974; Jly -4 979; Nov -2 955 Meal May -2 322; Oct -1 314 Oil +13 3117 Wheat May -20 499; Jly -19 505 KC -19 549; MGE -17 569 Oats -4 278 Rice +15 1111

LC Apr -5 16167; Jun -37 15200; Oct -90 15125 FC Apr -2 21722; Aug -55 21720; Oct -80 21437 LH Apr +115 6097; Jun +55 7515; Oct -20 6750 Milk Apr -7 1550; May -21 1530

US$ +.5%

Dow -40 17678 SP -5 2056 NAS -13 4863 Tran -50 8678 VIX +.36 15.80

WTI +193 5114 Brent +256 5904 Gas +3 187 NG -6 267 HO +6 179 Eth unch 150 Gold +7 1204 Slvr +9 1709

2-yr +.016 0.618% 5-yr +.050 1.466% 10yr +.076 1.996 30yr +.086 2.587%