CBOT futures are trading slightly higher and closer to the day’s highs than the lows which were set by mid-morning. The soy complex is leading the market up with soybean oil supported by a stronger palm oil market. The falling crude oil market doesn’t seem to matter to the CBOT today. Corn and soybean futures dropped below key chart support (late January lows) yesterday, so we need to see prices rally back above these levels quickly.

Cattle futures are up strongly with the nearby April LC contract hitting LIMIT UP. LC futures hit new highs for March. Cattle rallied about the same time as the CBOT did. This rally isn’t supported by today’s boxed beef market. Choice beef is down .27 at 246.77 and Select is up .96 to 245.75.

Lean Hog futures are trading lower as supply overwhelms current demand. We might see some improvement the rest of the day given a strong midday pork market. FOB Plant Pork is up 1.15 to 69.31 on stronger values for loin, rib, ham and belly cuts.

Financial markets are anxiously waiting for the FOMC’s statement at 2:00 pm EDT. It’s all about whether the word “patient” is in their policy regarding raising its key interest rate.

Crude oil futures are down sharply on EIA reporting record-large U.S. crude inventories – rising 9.6 million barrels in the latest week.

Corn May +1 372; Dec unch 397 Bean May +7 961; Nov +6 946 Meal May +3 321; Oct +2 313 Oil +38 3042 Wheat May +1 504; Jly +1 507 KC +3 546; MGE unch 570 Oats +1 272 Rice +16 1079

LC Apr +300 limit 15657; Jun +277 14825; Oct +187 14842 FC Mar +220 21377; may +332 21225; Aug +280 21277 LH Apr -70 6107; Jun -22 7557; Oct -65 6645 Milk Apr +13 1551; May +16 1514

US$ -.2%

Dow -.5% SP -.3% NAS -.2% Tran -.7% VIX +.1% 15.68

WTI -2.8% Brent -2.3% Gas +.3% (gas price in Louisville jumped to $2.59 at many stations) NG +1.2% HO +.7% Eth +1.6% Gold +.3% Slvr +.1%

5-yr -.016 1.539% 10yr -.031 2.028% 30yr -.036 2.580%