CBOT futures are mixed at midday. Corn and wheat futures have risen throughout the morning and now are at the day’s highs. Wheat futures are near key chart resistance (the neckline of a possible head-and-shoulders bottom). Wheat is supported by winterkill concerns and rains missing key areas. Soybean futures tried to follow corn/wheat higher early but a weaker soybean meal futures market weighed on soybean prices. The huge soybean crop being harvested in Brazil and now Argentina is a negative factor.

Cattle futures are moderately higher on optimism of higher cash cattle prices. Boxed beef is stronger with Choice up .98 to 256.40 and Select up .61 to 250.82.

Lean Hog futures are lower beyond the nearby April LH contract. Traders are pausing to see if cash hog and pork values can turn stronger. But at midday, the pork cutouts are near unchanged.

Corn May +3 385; Dec +2 409 Bean May -3 986; Nov -2 971 Meal may -3 328; Oct -2 322 Oil +18 3087 Wheat May +11 539; Jly +8 538 KC +11 586; MGE +6 601 Oats +4 266 Rice +6 1084

LC Apr +97 16277; Aug +67 14985; Dec +12 15167 FC Apr +177 22040; Aug +70 21862; Nov +72 21535 LH Apr -7 6282; Jun -82 7542; Oct -62 6950 Milk Apr +7 1560; May -3 1559

US$ -.7%

Dow +.2% SP +.3% NAS steady Tran -.5% VIX -3% 14.66

WTI -1.4% Brent -3% Gas -3.3% NG +3.4% HO -2.9% Eth -.1% Gold -.7% Slvr -2.2%

5-yr +.021 1.347% 10yr +.034 1.902% 30yr +.041 2.516%

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