CBOT futures are reversing part of yesterday’s price movement. Wheat futures broke hard during the first 1.5 hours of trading this morning but then bounced back – new lows were set in KC and MGEX. Overall, there’s little news today to move the market. Rains are about to start in droughty areas of Kansas and Nebraska.

Cattle futures are trading higher but some contracts are well off the day’s highs set just before noon EDT. Selling may have been encouraged by disappointment in today’s beef markets. Boxed beef is near steady at midday with Choice up .22 at 261.02.

Lean Hog futures are only slightly higher after getting beaten down yesterday on technical selling. Futures have mostly held yesterday’s lows and have had narrow price ranges. FOB Plant Pork is down .75 at 66.54 on lower values for loins, ribs and hams. Picnic value is up 10 pct to offset some of the other losses.

Corn May -2 374; Dec -2 398 Bean May -6 959; Nov -6 946 Meal May -2 310; Oct -2 306 Oil -13 3167 Wheat Jly unch 489 (486-93) KC -4 513; MGE -2 551 Oats -3 258 Rice -6 1003

LC Apr -12 16060; Oct +35 15072 FC Apr +7 21530; Aug +55 21477 LH May +37 6982; Oct +20 7055 Milk Apr +9 1576; May +20 1582

US$ -.4%

Dow -.1% SP -.1% NAS -.1% Tran unch VIX +.5% 12.91

WTI -1.2% Brent -.9% Gas -1.1% NG +1.2% HO -.3% Eth -.6% Gold -.3% Slvr -.1%

5-yr +.007 1.331% 10yr +.019 1.919% 30yr +.038 2.594%

Mount Sterling Weighted Average Report for 04/15/2015 Cattle Receipts: 640 Last Week: 648 Year Ago: 385 Saturday Receipts: 250 Weekly receipts: 890 Compared to last week feeder steers steady; except 400-600 lbs sold 5.00 lower in a light test on a plainer quality offering than last week. Moderate demand for good quality calves; light demand for plain and fleshy offerings. Heifer calves sold 3.00 to 10.00 lower on a plainer offering compared to last week. Due to muddy conditions widespread rain and flooding this week and more rain in the forecast; fleshy unweaned 400-600 lb stocker calves in light demand. Yearlings lightly tested. Slaughter cows and slaughter bulls sold 2.00 higher with good demand.

This week’s supply included 49 percent that weighed over 600 lbs. 37 percent steers and 06 percent bull calves 0.2 Holstein Steers and 48 percent heifers of total recorded feeder supply. 48 head of slaughter cows with 90 percent going to slaughter, 6 head slaughter bulls with 100 percent going to slaughter.