CBOT futures are trading lower following the release of the WASDE report at 11 am CDT. 2012/13 ending stocks for wheat and soybeans were left unchanged, while the corn ending stocks increased 125 million bushels, which is about 60 million less than the trade expected. However, USDA increased world ending stocks for corn, wheat and soybeans, so this may be weighing on futures at midday. Corn and soybeans both saw a 1-point increase in the global stocks/use ratio.

2012/13 Ending stocks estimates Corn = 757 million vs guess of 824 million bushels and USDA’s 632 million last month.       Feed dropped 150, ethanol increased 50, exports lowered 25 million. Bean = 125 vs guess of 137 million and USDA’s 125 last month.   Wheat= 731 vs guess of 731 million and USDA’s last estimate of 716 million.

 Cattle futures are lower on lack of cash trade and weather not conducive to outside grilling. Futures have been fairly volatile so far today.   Nearby lean hog futures are higher on Tuesday’s stronger cash hog market even though the Pork Cutout remained steady.

The SP 500 Index hit a new record high. Treasury yields are rising after release of the Fed minutes indicated some members of FOMC expect monetary easing to slow or end by year-end.

Corn May +1 645; Jly -1 627; Dec -2 538 Bean May -1 1395; Jly -4 1367; Nov -7 1235   Meal May -2 393; Oct -2.5 342   Oil -7 4991 Wheat May -10 699; Jly -9 705 (694-718)    KC Jly -11 743; MGE -15 784 Oats +1 368 Rice -8 1562

LC Apr -30 12642; Jun -40 12130; Oct -80 12600 FC Apr -125 14137; may -130 14345; Aug -110 15047 LH Apr +62 8135; Jun +25 9010; Oct -2 8142 Milk Apr -3 1751; May -23 1824 

US$ +.2% Dow +.9% SP +1.1% NAS +1.7% Tran +1.6%     VIX -.3% 12.80

WTI -.3% Brent -.7% Gas -2.5% NG +3.2% HO -.5% Eth -3% Gold -1.6% Slvr -1.4%

5-yr +.01 0.72% 10yr +.02 1.79% 30yr +.03 2.99%

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