CBOT futures are trading slightly lower but near the day’s lows. CBOT futures rallied early this morning but headed lower especially after 10 am CT. I haven’t seen reasoning for it yet unless weekly export sales were disappointing.

Cattle futures are soaring higher in follow-through to last week’s late strength in fed cattle prices and boxed beef. Today, Choice beef is up .85 to 245.37. This compares to 239.23 a week ago.

Lean Hog futures are slightly higher but off the early morning highs as traders see a weaker pork market this morning. FOB Plant Pork is down .92 to 86.73 on sharply lower picnic values. Soaring cattle futures should offer some support.

Corn Mar -3 411 (411-17); Dec -4 435 Bean Jan -2 1045 (1043-62); Nov -1 1028 Meal -4 376 Oil +54 3300 Wheat Mar -1 609; Jly -2 614 (613-26) KC unch 644; MGe unch 632 Oats -3 303 Rice -37 1179

LC Dec +197 16672; Feb +280 16527 FC Jan +410 21782; Mar +420 21610; Aug +395 21895 LH Feb +32 8187; Jun +45 9122 Milk Jan +4 1579; Feb +18 1540

US$ unch

Dow steady SP +.2% NAS +.1% Tran +.1% VIX +6.3% 15.42

WTI +.3% Brent steady Gas -.9% NG +2.5% HO -.6% Eth -.2% Gold -1.2% Slvr -2%

5-yr -.044 1.712% 10yr -.048 2.202% 30yr -.044 2.770%