CBOT futures are trading mixed with big losses in the soy complex and small gains in the wheat pits.  Strong belief, if not confirmation, of China cancelling old-crop soybean purchases continues weighing on soybean and soybean meal prices. Wheat futures are up slightly after being much weaker early this morning on support from dry Plains conditions and a risk of freeze damage in the central Plains this weekend.

The latest 6-14 weather outlooks call for the eastern US to remain colder than normal.  The central Corn Belt is expecting above normal rainfall during this period – on top of heavy rain beginning this weekend.  Good for the long run, but will delay planting.

Cattle futures are trading mixed with the April and June Live Cattle trading higher.  Some credit a near-steady cash cattle trade for supporting the April as it remains at a discount to the last traded price.  Boxed beef is down sharply so far today so LC futures could see pressure later.  Early indications have Choice beef down 2.73 to 222.27 and Select down 1.34 to 212.96.

Lean Hog futures are trading fairly narrow ranges as pork values recover a portion of Thursday’s losses.  FOB Plant Pork is up .65 to 125.12/cwt.

Corn May -1 500; Jly -1 506; Dec -4 501 (500-07) Bean May -17 1465; Jly -17 1448; Nov -10 1215 (1210-24) Meal May -6 474; Oct -3 383 Oil -33 4217 Wheat May +3 665; Jly +3 673 KC +2 731;  MGE +5 713 Oats unch 405 Rice +3 1567

LC Apr +90 14490; Jun +85 13605; Oct +17 13820 FC Apr -7 17820; May -27 17960; Aug -17 18175 LH Apr -37 12480; Jun unch 12115; Oct -5 9870 Milk Apr +8 2404; May +40 2162

US$ steady

Dow -.4% SP -.3% NAS -.2% Tran -.1% VIX +3.3%  16.41

WTI +.7% Brent +.2% Gas +.7% NG -.6% HO +.2% Eth +.5%

Gold -.2% Slvr -.4%

5-yr -.005 2.625% 10yr unch  2.63% 30yr -.005 3.50%

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