CBOT futures traded both sides of unchanged and closed narrowly mixed. Tuesday’s price rebound carried into overnight price strength with the help of a much weaker US Dollar. But bullish momentum faded for corn and wheat as the Dollar rallied late morning back to yesterday’s highs. The soy market proved more resilient with March/May beans closing 6 cents above the morning lows. China showed up as a buyer on the USDA export report. A strong crude oil market didn’t help today and the soybean oil market was pressured by weaker palm oil. March Corn is trading between its 50 and 100-day moving averages (377, 395); watch for a breakout.

To end pit trading, cattle futures closed higher on rising boxed beef values. However, the afternoon report showed a loss in boxed beef. So February LC drifted lower. Choice Beef dropped 1.05 to 257.19 and Select fell .42 to 248.41. USDA reported cattle sold in Nebraska at $159-160/cwt, compared to last week’s 5-Area Avg price of $163.14. The monthly Cattle on Feed Report comes out Friday afternoon. The average trade guess is for 1.4% more on-feed this year.

Lean Hog futures closed mixed but traded higher in the afternoon compared to the pit-closing prices shown above. FOB Plant Pork closed up 1.13 to 87.04. LH futures hit new contract lows and reversed higher; time will tell if LH has found a bottom.

Corn Mar -2 388; Jly -1 402; Dec -1 415 Bean Mar +1 983; Jly +1 994; Nov -1 966 Meal +4 330 Oil -43 3241 Wheat Mar unch 537; Jly -1 543 KC -5 572; MGE -8 581 Oats unch 291 Rice +10 1137

LC Feb +65 15370; Apr +80 15187; Oct +82 14720 FC Jan +122 21570; Mar +282 20530; Aug +212 20940 LH Feb +57 7235; Apr -45 7422; Jun +47 8415 Milk Feb +16 1461; Mar +22 1431

US$ -.2%

Dow +39 17554 SP +10 2032 NAS +13 4667 Tran +40 8887 VIX -1.04 18.85 -5.2%

WTI +131 4778 Brent +74 4873 Gas +1 132 NG +16 300 HO +2 165 Eth unch 139 Gold unch 1294 Slvr +18 1814

2-yr +.024 0.511% 5-yr +.063 1.354% 10yr +.066 1.873% 30yr +.064 2.463%

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