CBOT futures are mostly higher with the exception of old-crop soybean and soybean meal contracts.  Unwinding of bull spreads is likely the cause for the weaker soy contracts. Also cash soybean basis appears weaker.  The futures markets turned higher once the pit trade opened at 930 am CDT.

It’s not surprising to see prices correct higher after the sharp sell-off of Monday.

Cattle futures are down slightly after making a strong move higher early this morning.  The sell-off began when the pits opened at 9 am.  At midday, Choice Beef is up over 2.00/cwt to $241/cwt.

Lean Hog futures are trading mixed after the limit up move on Monday.  Pork values are up nearly a dollar/cwt at midday.  Futures are at a premium to cash hog prices, so traders may wait to see the spread narrow.

Corn May +3 482; Jly +3 485; Dec +1 479 Bean May -6 1413; Jly -2 1392; Nov +12 1190 Meal May -2 443; Oct +6 368 Oil +9 4395 Wheat May +13 654; Jly +13 659 KC  +14 725; MGE +13 705 Oats -3 420 Rice +11 1532

LC Apr -7 14307; Jun -32 13607; Oct -42 13745 FC Mar -20 17350; Apr -47 17525; Aug -57 17742 LH Apr +45 11645; Jun +70 12420; Oct -152 9835 Milk Mar +4 2290; Apr -8 2134

US$ unch

Dow -.3% SP -.3% NAS -.1% Tran +.1% VIX +2%  14.48

WTI -.7% Brent +.2% Gas +.2% NG -1.2% HO -.2% Eth +.4%

Gold +.2% Slvr +.9%

5-yr unch 1.63% 10yr unch 2.78% 30yr -.01 3.72%

Blue Grass Stockyards Cattle Auction Report for 03/10/2014 Receipts:  1,615   Last Monday:  0   Year Ago:  1228 Compared to last Tues. light test (due to winter storm) steer calves sold 7.00 to 15.00 higher with very good demand on a very active market with very good farmer participation for 475-500 lbs and tight 600 lbs calves.  Heifer calves sold 5.00 to 10.00 higher with very good demand.  Yearlings lightly tested.  Quality was average through attractive.  Sunshine and warmer weather brought spring fever to the marketplace today.  Slaughter cows sold steady with good demand and slaughter bulls sold 3.00 to 5.00 higher with very good demand. Total supply included 10% slaughter cows, 01% slaughter bulls, 05% replacements and 84% feeders.  Feeder supply 36% steers, 23% bulls, 41% heifers with 32% of feeders weighing over 600 lbs.

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