CBOT trading shows a divergence in the path of the soy complex and corn/wheat futures. The very tight supply situation in the U.S. for soybeans and soybean meal is lifting that market up as the MAY contract indicates the shorts are getting squeezed. Corn and wheat futures are sliding due to improving planting conditions for corn and worries about a bearish USDA report on Friday morning (rising ending stocks).

Cattle futures continue to weaken on apparent pessimism about cash cattle and beef prices following recent record highs in the Choice Cutout value.

Hog futures are up on yesterday’s very strong cash hog and pork markets.

Corn Jly -6 634; Dec -6 533 Bean Jly +13 1395; Nov +5 1219 Meal Jly +5 408; Oct +2 344   Oil +21 4935 Wheat Jly -6 703; Dec -8 728    KC -6 752; MGE -2 807 Oats +4 381 Rice -9 1530

LC Jun -42 12040; Oct -92 12335 FC May -117 13570; Aug -137 14517 LH May +50 9195; Oct +32 8147 Milk May +7 1863; Jun -17 1835

US$ -.6% Dow +.1% SP +.2% NAS +.4% Tran -.1%   VIX -.3% 12.79

WTI +.5% Brent -.4% Gas +.3% NG +1.1% HO -.6% Eth +.8%

Gold +1.1% Slvr -.3%

5-yr -.01 0.74% 10yr -.02 1.76% 30yr -.01 2.99%

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