CBOT futures are trading mostly lower despite some supportive factors which includes a weaker US dollar, rising energy prices, good weekly export sales reported for corn and soybeans by USDA and a slight reduction in CONAB’s Brazilian soybean and corn production estimates. Futures began to sell off after the 830 am CT opening. While soybean futures have recovered from the morning lows, corn and wheat futures remain near the day’s lowest prices. March Corn has traded lower for 3 days following Monday’s rally.

Cattle and hog futures are trading higher with prices near the highs of the day. Cattle futures sold off on the opening bell but quickly recovered. Last week’s cash cattle market strength may carry into this week. Boxed beef is slightly weaker at midday. The deferred Live Cattle markets were pressured by Tuesday’s USDA update which increased 2015 beef production and lowered the annual average price forecast by $3.00/cwt.

Lean hog futures hit new contract lows yesterday but have bounced from those levels. Hog futures have gone down so far for so long that traders may be trying to “pick the bottom”. The west coast ports will be shut down for a 4-day weekend. This ongoing port dispute is hurting pork and beef exports. The FOB Plant Pork cutout is down .51 to 72.30 on a 13 pct drop in belly values; all other primal cuts increased in value.

Corn Mar -2 384; Jly -2 399; Dec -1 414 (411-17) Bean Mar +3 981; Jly +3 989; Nov +3 962 (955-65) Meal Mar unch 330; Oct +1 315 Oil +17 3192 Wheat Mar -5 521; Jly -5 522 (520-29) KC -4 555; MGE -1 575 Oats -3 270 Rice -1 1037

LC Feb +40 15900; Apr +32 15142; Oct +10 14437 FC Mar +60 19935; May +115 19942; Aug +157 20230 LH Feb +65 6187; Apr +115 6497; Jun +127 7850 Milk Feb +1 1576; Mar +18 1529

US$ -1%

Dow +.4% SP +.6% NAS +.8% Tran +.4% VIX -7% 15.75

WTI +3.6% Brent +4.6% Gas +3.5% NG -3.8% HO +4.5% Eth -1.5% Gold +.3% Slvr +.5%

5-yr -.027 1.488% 10yr -.017 1.969% 30yr -.012 2.552%