CBOT futures are trading lower after having traded both sides of unchanged in fairly broad price ranges. Corn futures dropped at the 830 am opening and prices are near the day’s lows. Wheat also dropped at the opening but has recovered a large part of the losses. Traders are mostly positioning for tomorrow’s USDA supply-demand reports. A sharp drop in crude oil futures is hanging over the CBOT as is a late-morning rebound in the US Dollar. U.S. WTI crude inventories expanded more than expected.

Cattle and hog futures are trading narrowly mixed at midday as traders continue to look for signs that beef and pork demand will increase with warmer spring weather. Choice Beef jumped 2.78 to 259.76 at midday but Select beef is up only .89 at 252.12. Pork cutout values are little changed.

Corn May -5 378; Dec -5 403 (403-10) Bean May unch 971; Nov -2 961 (958-67) Meal -1 319 Oil -1 3102 Wheat Jly -1 524 (517-30) KC -3 567; MGE -1 588 Oats -2 270 Rice -6 1061

LC Apr -60 16240; Oct -10 15047 FC Apr -80 21687; Aug -15 21615 LH Apr +17 6275; Jun +40 7675 Milk Apr +1 1565; May +4 1593

US$ -.2%

Dow +.2% SP +.3% NAS +.7% Tran +.1% VIX -4% 14.17

WTI -4.7% Brent -3.5% Gas -4% NG -2% HO -3% Eth -1.8% Gold -.6% Slvr -2.2%

5-yr +.021 1.349% 10yr +.032 1.925% 30yr +.033 2.563%