CBOT futures are mixed with corn and wheat trading lower and near the day’s lows, while soybean and soybean meal futures are higher and trading at/near the day’s highs. The relative supply availability appears to be driving the markets as stocks of soybeans are tighter than either corn or wheat. Wheat may be pressured also by ideas rain prospects will improve late next week.

Cattle and hog futures are trading higher on cash market strength.  Lean Hog futures actually reversed large losses incurred overnight which was follow-through selling to Tuesday’s LIMIT-DOWN market.  Fed Cattle prices have traded mostly $152/cwt, up $2 from last week which means the April LC contract is about $6.00 discount to the cash price.

Corn May -2 484; Jly -2 489; Dec -3 483 Bean May +10 1438; Jly +7 1408; Nov +3 1192 Meal May +5 469; Oct +2 380; Oil -1 4073 Wheat May -9 699; Jly -9 703 KC Jly -13 777; MGE -10 749 Oats -10 392 Rice +4 1538

LC Apr +115 14552; Jun +110 13752; Oct +60 13917 FC Mar +77 17800; Apr +130 17865; Aug +80 18025 LH Apr +115 12280; Jun +87 12607; Oct -55 10170 Milk Apr -36 2347; May -38 2149

US$ +.05%

Dow +.1% SP +.1% NAS -.3% Tran -.7% VIX +.2% 14.05

WTI +.5% Brent -.2% Gas +.2% NG -.5% HO -.4% Eth -1.2%

Gold -.5% Slvr -.8%

5-yr -.02 1.70% 10yr -.01 2.72% 30yr unch 3.58%

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