CBOT futures were trading lower earlier today as the weekend frost in the Northern Plains didn’t materialize to any significant degree. But corn and soybeans have rallied this morning on some export sales and a strong price rise in soybean oil (for a second day). Wheat futures are not bouncing back like corn/beans. Wheat supplies are plentiful and the US is not competitive. Funds are huge shorts in wheat.

Cattle futures posted the day’s best price soon after the market opened at 9 am CT but are now trading lower. This trend in October LC started the end of last week. Choice beef is steady at midday.

Lean Hog futures are trading mixed with small changes as traders are uncertain where the market’s going.

Corn Dec +2 340; May +1 361 Bean Nov +5 990; May +6 1012 Meal Oct +1 339; May +1 324 Oil +45 3300 Wheat Dec -1 501; Jly -1 538 KC -6 587; MGE -6 571 Oats +1 349 Rice -9 1269

LC Oct -57 15570; Feb -47 15910 FC Sep -50 22897; Oct -97 22495; Mar -122 21605 LH Oct -2 10567; Feb -50 9305 Milk Sep -1 2451; Oct +14 2349

US$ +.1%

Dow +.1% SP -.2% NAS -1.1% Tran -.5% VIX +5.6% 14.06

WTI unch – was a dollar lower early this morning Brent -.3% Gas +.2% NG +1.4% HO unch Eth -.2% Gold +.2% Slvr steady

5-yr -.025 1.794% 10yr -.022 2.592% 30yr -.010 3.341%

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