CBOT futures are trading mixed with wheat performing the best, lead higher by the KC and MPLS wheat contracts.  There isn’t really any change in the fundamentals from yesterday.  Weather is a risk factor while increased demand potential is hoped for.

 Live Cattle futures are near steady with no major change expected in the cash markets today.  Feeder Cattle futures are down slightly, continuing the minor sell-off that started Monday as feed costs increased.  

  Lean Hog futures are strongly higher on Tuesday’s strong cash hog market (+$2/cwt) and Pork Cutout (+1.63/cwt = 83.97).  Futures’ premium to the cash market should limit the rally in futures. But the technical momentum keeps carrying this market higher. December LH should find chart resistance at $83.52, the April high.

  Outside markets are generally bearish today with lower energy and metal prices.  US equities were lower to start the day, but rallied to near even after Congressman Boehner’s comments were interpreted as optimistic for progress on the “fiscal cliff”.   Expect the news/opinions on this matter to change many times.

Corn Dec +.5 760.5; Mar +1 765; Dec’13 +1.5 639

Bean Jan -3 1446; Mar -1 1436; Nov -9 1301   Meal Dec +1.4 441;  Oct unch 371.5   Oil -9 5003

Wheat Dec +5 878; Jly +7 889   KC +5 921;  MGE +5 941

LC Dec -5 12832; Jun -12 13180 FC Jan -42 14650; Apr -35 15097; Aug -40 15630

LH Dec +107 8345; Feb +82 8755; Jun +67 10087

Milk Dec +25 1915; Jan +26 1878

Oats +2 375

Rice unch 1508

US$ steady

Dow +.1%

SP steady

NAS steady

Tran -.1%

VIX +.9% 16.06

WTI -1.2%

Brent -.9%

Gas -1.3%

NG -3.2%

HO -.8%

Eth +.4%

Gold -1.5%

Slvr -1.3%

5-yr -.013 0.634% 10yr -.019 1.620% 30yr -.017 2.770%