Under pressure of today’s deadline, Cyprus worked out a bank bailout deal that initially supported financial markets, the Euro currency, and energy futures. However, the initial reaction has given way to selling. The DOW hit a new record high early today, but is now lower. The US dollar is now stronger and Treasury yields are now down instead of up as seen earlier.

CBOT futures are trading with minimal changes and relatively tight price ranges since Sunday evening’s open. Analysts and traders are figuring out how they want positioned going into Thursday’s 11:00 am EDT USDA reports (Grain Stocks, Planting Intentions). Last week’s CFTC report showed the funds had been buying corn futures and reducing their soybean longs.

Cattle futures opened higher on Friday’s bullishly-construed Cattle on Feed report, but quickly sold off to set the day’s lows, and are now trading mid-range. Focus will again turn to the cash cattle and boxed beef markets. The US weather continues to work against increased outdoor cooking.

Lean hog futures are mostly lower waiting for cash markets to provide a reason to buy futures.

Corn May +1 727.5; Jly +1 710; Dec +2.5 568 Bean May -2 1438; Jly unch 1418; Nov +4 1268 Meal May unch 419; Oct +1 356 Oil -4 5039 Wheat May -4 726; Jly -2 727; Dec -2 744 KC -3 758; MGE -3 803 Oats +3 399 Rice -5 1486

LC Apr +5 12625; Jun +25 12142; Oct +20 12712 (hi 12792) FC Mar +17 13482; Apr +15  13820 (hi 13885); Aug unch 14795 LH Apr -32 7772; Jun -17 8955; Oct unch 8040 Milk Apr -7 1751; May -9 1817

US$ +.6% Dow -.4% SP -.2% NAS -.2% Tran -.4%   VIX +.6% 13.65

WTI +1% Brent +.1% Gas steady NG +1.1% HO -.5% Eth -.1%

Gold -.2% Slvr +.4%

5-yr -.01 0.79% 10yr -.01 1.92% 30yr -.02 3.13% KENTUCKY CASH GRAIN BIDS – Click Here