CBOT futures are strongly higher led by the Wheat pits.  There’s little fundamental news in the market to justify the rally other than the ongoing dry conditions in the southern Plains states that threaten HRW wheat production if it continues. Also, freeze damage is not off the table just yet. Traders may be anticipating a drop in crop condition reports this afternoon.

Cattle futures are managing small gains as traders wait to see how the cash cattle and beef markets perform this week.  At midday, beef values are up slightly.

Lean Hog futures are down sharply after the higher opening failed quickly.  The increase in frozen pork stocks may have caused some of the spec longs to jump ship ahead of Friday’s Hogs and Pigs report.   Pork cutouts are down 50-100 cents at midday.

Economic reports were negative this morning causing the equity markets to drop.

Corn May +9 488; Jly +8 492; Dec +5 485 Bean may +11 1420; Jly +10 1392; Nov +4 1181 Meal May +4 460; Oct +2 375 Oil -12 4090 Wheat May +20 713; Jly +20 715 KC Jly +21 787; MGE +19 758 LC Apr +27 14427; Jun +22 13635; Oct +40 13792 FC Mar +130 17632; Apr +72 17600; Aug +745 17865 LH Apr -125 12442 (low 12375); Jun -200 12832; Oct +7 10435 Milk Mar +1 2330; Apr +49 2402

US$ +.05% Dow -.5% SP -.8% NAS -1.7% Tran -.6% VIX +5.3% 15.80

WTI +.3% Brent +.1% Gas +.4% NG -.4% HO steady Eth +6%

Gold -1.8% Slvr -1%

5-yr +.01 1.73% 10yr -.02 2.73% 30yr -.03 3.58%

Nitrogen loss suspected in wheat   Story by University of KY CAFE http://news.ca.uky.edu/article/nitrogen-loss-suspected-wheat

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here