CBOT futures are trading mostly lower with the exception of corn. Wheat is leading the market lower after Monday afternoon’s crop ratings from TX/OK/KS were better than expected and traders expect rains to arrive in April. Soybeans are lower after posting nice gains Monday. Futures are trading inside yesterday’s wide price ranges. There’s some technical chart resistance limiting gains.

Beyond the nearby contracts, cattle futures are trading slightly lower, with the market taking a breather after closing sharply higher Monday. Boxed beef values are higher again today, trying to catch up with cash cattle gains. Choice beef is up 1.12 to 246.91 and Select is up 1.64 to 244.87.

One factor hanging over the livestock market is Monday’s Cold Storage report. The amount of pork in commercial freezers and the amount of frozen beef stocks have never been greater for the “End of February” reporting date.

Lean Hog futures have been volatile today and are now rallying strongly after the June LH contract dropped sharply to a new contract low. This rally could feed on itself if buy-stops are hit. FOB Plant Pork is up .05 to 67.94. COLD STORAGE Report – USDA, March 23 Total red meat supplies in freezers were up 8 percent from the previous month and up 12 percent from last year. Total pounds of beef in freezers were up slightly from the previous month and up 20 percent from last year. Frozen pork supplies were up 15 percent from the previous month and up 5 percent from last year. Stocks of pork bellies were up 27 percent from last month but down 23 percent from last year.

Corn May +3 393; Jly +3 401; Dec +2 416 Bean May -5 979; Jly -5 983; Nov -5 960 Meal May -2 325; Oct -2 316 Oil -11 3104 Wheat May -9 525; Jly -8 529 KC Jly -10 569; MGE -9 586 Oats unch 281 Rice +12 1115

LC Apr +30 16165; Oct -40 15142 FC Mar unch 21697; Apr -75 21842; Aug -92 21875 LH Apr +57 5982; Jun +162 7525 Milk Mar +4 1543; May +13 1512

US$ +.2%

Dow steady SP steady NAS +.4% Tran -.2% VIX -4.8% 12.76

WTI -.5% Brent -1.5% Gas -.6% NG +2.3% HO -1.7% Eth -.5% Gold +.1% Slvr steady

5-yr +.005 1.401% 10yr -.004 1.911% 30yr -.011 2.498%

Lexington Auction Weighted Average Report for 03/23/2015 Receipts: 2233 Last Monday: 942 Year Ago: 2045 **Resend with correction to receipts Compared to last week steer and heifer calves sold steady except featherweight calves and calves over 600 lbs sold 2.00 to 3.00 higher with very good demand.. Yearling steers sold 5.00 higher with good demand in a limited comparison. Slaughter cows sold 1.00 to 3.00 lower with light demand; many slaughter cows flooding the market. Slaughter bulls sold steady to weak with moderate demand.

This week’s supply included 37 percent that weighed over 600 lbs. 37 percent steers and 20 percent bull calves 0.6 percent Holstein Steers and 44 percent heifers of total recorded feeder supply. 160 head of slaughter cows with 95 percent going to slaughter. 31 head of slaughter bulls with 100 percent going to slaughter.