CBOT futures are strongly higher, lifted in part by 2015 planted acreage estimates by USDA at its Ag Outlook Forum. In contrast to private soybean acreage forecasts around 88 million acres, USDA is forecasting U.S. farmers will plant only 83.5 million acres, compared to 83.7 million in 2014. Corn acreage is forecast at 89 million, down from 90.6 million in 2014.

March Corn is back near the top of its sideways trading range. March soybeans have moved above yesterday’s high with a positive appearance to the chart. This move is in sync with the bullish move in soybean meal futures. Wheat futures are benefitting from the corn/bean rally but fundamentals aren’t supportive.

Cattle futures are trading slightly lower today, but remain in narrow trading ranges. Traders may be cautious until they see where fed cattle trade this week. There is also a Cattle on Feed Report coming out tomorrow afternoon. Choice beef is up .59 to 240.37 and Select is up .98 to 236.83.

Lean Hog futures are sharply higher on increased short-covering following several days of LH futures not extending the 3-month long down trend in prices. Traders may sense a bottom being established in LH. FOB Plant Pork is up .39 to 72.83.

Corn Mar +6 390; Jly +5 405; Dec +5 420 Bean Mar +15 1011 (hi 1017); JLy +15 1019; Nov +12 988 Meal Mar +9 347; Oct +6 327 Oil -10 3191 Wheat Mar +7 534; Jly +1 527 KC +2 550; MGE unch 582 Oats unch 275 Rice -2 1084

LC Feb -42 15875; Apr -80 15182; Oct -32 14485 FC Mar -47 20262; May -55 20080; Aug -32 20362 LH Apr +227 6650; Jun +200 8125; Oct +125 6997 Milk Mar -4 1606; Apr +3 1597

US$ +.1%

Dow -.1% SP steady NAS +.4% Tran +.6% VIX -1.7% 15.19

WTI -1.5% Brent -.6% Gas +.6% NG -1.8% HO +1.3% Eth +1.2% Gold +.9% Slvr +1%

5-yr +.020 1.541% 10yr +.010 2.078% 30yr +.004 2.699%