CBOT futures are lower except for wheat and oats at midday, weighed down by a stronger US Dollar. Wheat dropped early in the day, pressuring corn futures, but has since staged a strong rally. Early pressure was tied to perceived rain coming to the Plains in a week or so and Monday’s wheat condition ratings. The spec funds have a huge short position in CBOT Wheat so some short-covering can kick in anytime. Soybean futures are pressured by lower prices of both meal and soybean oil.

Live Cattle futures are down slightly but Feeder Cattle are off about one percent. Monday’s bearish price reversals are leading to today’s follow-through technical selling. Fundamentals are friendly with Choice beef up .91 to 257.39 at midday.

Lean Hog futures are trading slightly lower after testing the upside at the opening bell. Pork markets are higher. FOB Plant Pork cutout is up .80 to 66.50.

Corn May -1 384; Jly -1 392; Dec -1 409 Bean May -6 972; Jly -6 978; Nov -4 964 Meal May -3 320 Oil -19 3107 Wheat Jly +4 531 (519-33) KC unch 576; MGE +2 597 Oats +3 272 Rice -8 1074

LC Apr -42 16202; Oct -27 15002 FC Apr -222 21757; Aug -192 21582 LH Apr -67 6257; Jun -35 7625 Milk Apr +2 1564; May +13 1578

US$ +.5%

Dow +.5% SP +.4% NAS +.6% Tran +.9% VIX -3% 14.25

WTI +2.2% Brent +.9% Gas unch NG +1.2% HO +.4% Eth -.8% Gold -.6% Slvr -1.5%

5-yr +.036 1.341% 10yr +.019 1.921% 30yr +.003 2.569%

Lexington Auction Weighted Average Report for 04/06/2015 Receipts: 936 Last Monday: 1249 Year Ago: 1141 Compared to last week steer calves sold steady to firm except 300-400 lbs 3.00-10.00 higher with very good demand. Heifer calves sold steady with good demand. Yearlings sold steady to firm with good demand. Slaughter cows sold steady to weak. Slaughter bulls sold 2.00 lower with moderate demand.

This week’s supply included 46 percent that weighed over 600 lbs. 38 percent steers and 19 percent bull calves 0.9 percent Holstein Steers and 43 percent heifers of total recorded feeder supply. 78 head of slaughter cows with 92 percent going to slaughter. 15 head of slaughter bulls with 93 percent going to slaughter.