Wheat and corn futures are trading lower with the soy complex mixed.  Markets weakened through the overnight hours but then rallied this morning as export news was good for corn and soybeans.  The Ukraine/Russia situation hasn’t blown up yet although the vote in Crimea sets the stage for more tensions.

Cattle futures are trading mixed with minimal changes.  April LC was higher in early trading but has backed down toward unchanged.  Choice beef is quoted higher at midday.  The sharp gains in Lean Hog futures is also supportive.

Lean Hog futures continue to soar with the April LH contract gapping higher to new contract highs.  Hog and pork values have been rising.  News reports of pork packers cutting operating hours due to reduced hog numbers (related to PEDv) is supportive.  October LH is not participating in the rally with traders hoping warmer weather will reduce PEDv occurrences and the fall hog supply will be more normal.

Corn May -3 483; Jly -2 488; Dec -3 484 Bean May +2 1391; Jly +3 1375; Nov unch 1175 Meal May +4 448; Oct +2 368 Oil -29 4200 Wheat May -6 681; Jly -6 684 KC -3 749;  MGE -4 729 Oats +8 452 Rice +13 1548

LC Apr +5 14530; Jun +25 13810; Oct -2 13885 FC Mar -25 17435; Apr +40 17762; Aug +5 17945 LH Apr +255 12185; Jun +270 13055; Oct -65 9850 Milk Mar +20 2349; Apr +75 2312

US$ steady

Dow +1.1% SP +1% NAS +1% Tran +.8% VIX -12%  15.65

WTI -1.3% Gas -2% NG +3% HO -1.3% Eth -1.4%

Gold -.5% Slvr unch

5-yr +.015 1.55% 10yr +.02 2.67% 30yr +.02 3.62%

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