CBOT futures are strongly lower, erasing most of Tuesday’s gains. Futures edged higher in overnight electronic trading but losses accelerated when trading restarted at 830 am CT. Outside markets are weighing on the market and increased farmer selling is also blamed for today’s weaker markets. Crude oil is down 2.6 percent.

Cattle futures are higher at midday with price ranges more narrow than yesterday. Tuesday’s sell-off despite firm cash beef markets may have been overdone. Futures are at a discount to cash cattle price. Choice Beef is up 1.19 to 240.31 and Select is up 3.43 to 236.63.

Lean Hog futures are mixed and have traded both sides of unchanged. The nearby April LH contract did trade to a new contract low right after the opening bell, but then rallied over $2.60 within 75 minutes, before losing $2.00 of that gain – talk about volatility! FOB Plant Pork is up .61 to 73.00 on very strong loin values.

Traders and investors are awaiting the FOMC minutes to be released at 2 pm ET.

Corn Mar -6 384; Jly -6 400; Dec -6 415 Bean Mar -15 992; Jly -16 1001; Nov -14 972 Meal Mar -5 337; Oct -5 319 Oil -32 3200 Wheat Mar -10 525; Jly -10 525 KC -13 549; MGE -7 582 Oats -3 275 Rice +22 1090

LC Feb +10 15870; Apr +87 15160; Oct +25 14477 FC Mar +117 20262; May +60 20067; Aug +65 20350 LH Apr +17 6417; Jun +35 7872; Oct -40 6852 Milk Mar unch 1613; Apr +11 1590

US$ +.4%

Dow -.2% SP -.2% NAS steady Tran +.3% VIX +3.4% 16.34

WTI -2.6% Brent -2.5% Gas -1.7% NG +1.7% HO -1.1% Eth -.7% Gold -.7% Slvr -.3%

5-yr -.020 1.598% 10yr -.023 2.120% 30yr -.029 2.710%