CBOT futures are narrowly mixed with strength in the nearby soybean meal and soybean futures, thanks to a large soybean export sale announcement to China this morning. The bean rally lifted corn and wheat futures off their lows.  However, all pits have backed off the highs at midday. New-crop soybeans moved to new lows as traders anticipate much more abundant global supplies when the 2014 US soybean crop is harvested.

Cattle futures are mostly lower after trading above Monday’s highs in overnight trade.  Futures are likely waiting for the cash beef market to lead the way.

Lean Hog futures are lower even though midday pork cutout values are up $1.50-2.00/cwt.   February LH’s sharp premium to cash becomes more of a problem the closer we get to February – the two prices should converge by then.

Corn Mar -1 427; Jly unch 442; Dec -1 454 Bean Mar unch 1277; Jly -2 1249; NOV -5 1121 Meal Mar +2 416; Oct -1 351 Oil -18 3794 Wheat Mar +2 608; Jly +3 617 KC +4 648; MGE +5 636 Oats +8 358 Rice -17 1546

LC Feb -22 13660; Jun -30 12980 FC Jan +12 16815; Apr -7 12882 LH Feb -97 8665; Jun -80 10040 Milk Jan +12 2018; Feb +26 2009

US$ +.2%

Dow +.7% SP +.5% NAS +.8% Tran +.7% VIX -4.3%

WTI +.6% Brent +.6% Gas +1.4% NG +1.6% HO +.8% Eth +1.9%

Gold -.8% Slvr -1.8%

5-yr -.01 1.69% 10yr -.01 2.95% 30yr -.01 3.89%

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