CBOT futures are lower with losses getting bigger as the morning progresses into the early closure at Noon. The losses are most likely tied to profit-taking amid lower volume trading. Energy futures are down sharply which weighs on commodity prices.

Cattle futures are little changed except for the nearby December and February LC contracts which look to be supported by Tuesday’s very strong boxed beef prices. However, December LC is at a premium to last week’s cash trade of $157-160.

Lean Hog futures are mixed with prices not reacting to Tuesday’s Quarterly Hogs and Pigs Report as would be expected. The report indicates larger herd expansion than the average trade guess. Midday pork values are near steady.

Corn Mar -6 407; Jly -6 422; Dec -5 431 Bean Jan -10 1028; Jly -11 1048; Nov -10 1013 Meal Jan unch 371; Jly -3 345 Oil -35 3187 Wheat Mar -24 611; Jly -22 617 KC -23 642; MGE -21 630 Oats -2 307 Rice +1 1220

LC Dec +115 16300; Feb +65 16125; Jun -12 15225 FC Jan -27 21685; Mar -10 21517; Aug -30 21720 LH Feb -25 8140; Apr -5 8375; Jun +52 9017 Milk Jan -8 1618; Feb +5 1543

US$ -.2%

Dow +.2% SP +.2% NAS +.4% Tran +.4% VIX -4.8% 14.09

WTI -2.6% Brent -2.6% NG -3% Gas -2.8% HO -1.3% Eth +1.5% Gold -.3% Slvr -.3%

5-yr +.026 1.782% 10yr +.034 2.291% 30yr +.016 2.868%

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