CBOT futures are trading mixed with 2-5 cent price moves.  Traders are positioning for tomorrow’s USDA supply-demand updates.  Corn has recovered from early losses related to Chinese cancellations and China’s approval of Brazilian corn imports. Wheat futures are lower and near the day’s lows which reversed Monday’s gains.  USDA had to delay the U.S. planting progress/crop condition report to today but TX/OK/KS released state reports which may have lessened traders’ fears of crop deterioration.  However, rain prospects remain dim for that area.  Soybean futures are holding up well in light of the arrival of South American soybeans and expectations of more coming to America.  Brazilian soybeans are cheaper than U.S. beans even after shipping is considered.

Cattle futures are mostly higher but by small amounts.  Weakness in beef values on Monday and heavy losses in the hog pit are weighing on cattle futures. Choice Beef is up 69 cents at midday.

In Lean Hogs, it looks like Monday’s bargain hunting was short-lived with futures down sharply.  The June LH contract has hit a new low for the current downtrend.  Pork cutout values are up 80 cents at midday.

Corn May +5 504; Jly +5 510; Dec +2 507 Bean May +7 1471; Jly +5 1453; Nov +4 1212 Meal May +4 478; Oct +2 384 Oil -8 4135 Wheat May -4 672; Jly -4 680; KC Jly -5 741; MGE -5 721 Oats +10 429 Rice +1 1560

LC Apr +35 14337; Jun +32 13525; Oct +7 13757 FC Apr +75 17825; May +15 17900; Aug +27 18077 LH Apr -165 12337; Jun -240 11927; Oct -300 limit 9915 Milk Apr +10 2405; May +13 2156

US$ -.5%

Dow +.1%

SP +.3%

NAS +.7%

Tran -.2%

VIX -2.8%  15.13

WTI +.9%

Brent +.4%

Gas +.6%

NG +1.2%

HO +.3%

Eth -6.7%  220

Gold +.8%

Slvr +.8%

5-yr +.01 1.68%

10yr unch 2.70%

30yr unch 3.555%

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