CBOT futures were weak in overnight trading.  However, as the market re-opened at 830 am, soybean futures rallied and are hitting new highs for the day. This strong rally has also erased most of the losses in corn.  Wheat is still lower as the fundamentals and technicals are more bearish.  This morning’s USDA export inspections report for last week was supportive to soybeans, but not corn and wheat.

Cattle futures are slightly higher as traders come in this week hopeful for stronger cash prices in the weeks ahead (especially after the holiday impact passes).

Lean Hog futures are lower as this market moves to new lows on a weak cash hog/pork market.

Equity prices are up strongly on good economic reports.  The Federal Reserve OMC meets Tuesday/Wednesday and analysts are debating whether FOMC will begin to taper its monetary stimulus program.

Corn Mar -1 424 (420-26); Jly -1 439; Dec -1 451 Bean Jan +15 1342 (1319-43); Jly +14 1298; Nov +5 1163 Meal Jan +6 439; Jly +6 410 Oil +23 4006 Wheat Mar -5 624; Jly -6 631 (629-37) KC -5 667; MGE -4 656 Oats +6 346 Rice +5 1560

LC Dec +25 13212; Feb +72 13357; Jun +27 12897 FC Jan +40 16747; Apr +27 16767; Aug +10 16902 LH Feb -35 8682; Apr -32 9117 Milk Dec +1 1903; Jan +9 1861

US$ -.1%

Dow +.9% SP +.7% NAS +.7% Tran +.8% VIX -.6% 15.67

WTI +.9% Brent +1.5% Gas +1.5% NG -1.5% HO +1.3% Eth +.8%

Gold +.5% Slvr +3.3%

5-yr -.02 1.52% 10yr -.02 2.85% 30yr -.02 3.86%

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