CBOT futures are trading mixed at midday. This morning’s Weekly Export Inspections Report for last week’s shipments appears to have weighed on corn and wheat futures as those totals disappointed traders. A good export number for soybeans lifted soybean futures although this contract has been bouncing around in 10-cent ranges. Outside factors are bearish with a stronger US dollar and weaker crude oil markets.

Cattle futures are mostly higher as the cash market ended very strong last week. Nearby Live Cattle set new contract highs before settling back some. The January Feeder Cattle contract came within a dollar of its contract high set in October. Demand remains very strong for beef. Live prices have been rising faster than boxed beef, causing packers to operate in the red; however, at midday, Choice Beef is up 2.03 to 254.19/cwt and Select is up 1.53 to 239.82.

Lean Hog futures are mixed with strength in the nearby December LH contract. The pork cutout is steady at midday. The early winter cold weather may be trimming pork production a little. A positive close in December LH today would mean 8 straight UP days. $93.00 is up $6 from early November but still $4 shy of early October highs.

Corn Dec -4 378 (374-84); May -4 399; Dec15 -3 421 Bean Jan +7 1029 (1014-33); May +6 1043; Nov +5 1020 Meal Dec +3 383 Oil +25 3245 Wheat Dec -7 554; Jly -7 569 (565-79) KC -6 599; MGE -4 585 Oats unch 339 Rice -2 1195

LC Dec +37 17057; Feb +5 17132; Jun -22 16015 FC Nov -25 23975; Jan +75 23687; Mar +40 23500 LH Dec +27 9295; Feb -40 9235; Apr -37 9347 Milk Dec -4 1881; Jan +1 1761

US$ +.5%

Dow -.1% SP -.2% NAS -.5% Tran -.3% VIX +7.8% 14.35

WTI -.9% Brent -1% Gas -1.1% NG +4.4% HO -1.1% Eth +.4% Gold -.2% Slvr -1.5%

5-yr +.015 1.619% 10yr +.015 2.335% 30yr +.019 3.061%

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