The early morning strength in the soy complex was supercharged at 11 am CT when NOPA released a bullish, better-than-expected soybean crush report – 153.8 million bushels crushed in March is a record high for this month and exceeded average trade guesses at 146 million.  Once the nearby May contract exceeded $15.00, it never fell below, although the close is resting at 15.01.

Wheat futures also surged higher after 11 am, following the soy complex higher.  Wheat finished the day strongly at/near the day’s highs.  Concerns about this morning’s freeze damage and the Ukraine situation lent fundamental support.

While corn futures rallied with soybeans and wheat at 11 am, corn gradually gave up the gains the balance of the day as there’s less fundamentally to support corn.

Cattle futures closed lower on a lack of bullish news and weakness in the hog pit. The short slaughter week may also weigh on price.  Choice beef was up 0.34 to 222.86 and Select gained 1.09 to 213.14/cwt.  Keep in mind that the spec funds are quite long cattle and hog futures.

Lean Hog futures closed lower with late afternoon prices down even more due to USDA’s PM pork cutout report that was down sharply. FOB Plant Pork dropped 2.68 to $121.73/cwt, thanks to losses in bellies and ribs.

CBOT/CME futures markets are closed Friday for Good Friday.

Corn May +1 504; Jly +1 510; Dec unch 503 (500-07) Bean May +25 1501; Jly +24 1487; Nov +9 1229 (1216-35) Meal May +8 487; Oct +2 386 Oil +57 4283 Wheat May +23 702; Jly +23 710 (682-711) KC +23 771;  MGE +21 747 Oats -4 399 Rice -1 1541

LC Apr -7 14527; Jun -47 13542; Oct -75 13745 FC Apr -77 17922; May -65 17977; Aug -20 18257 LH PIT Closes: May -17 12150; Jun -12 12252; Oct -95 9890 4:30 pm price: May -167 12000; Jun -122 12142; Oct -155 9830 Milk Apr +2 2411; May -17 2186 

US$ +.1% Equity markets fell sharply mid-session but closed strongly. Dow +89 16263 (16063-16273) SP +12 1843  (1816-1844) NAS +11 4034 (3946-4055) Tran +63 7467 VIX -.64 15.47

WTI -30 10375 Brent -33 10874 Gas -.5 303 NG +1 457 HO +1 299 Eth -9 225

Gold -25 1302 Slvr -42 1958

2-yr unch 0.37% 5-yr +.015 1.615% 10yr -.02 2.62% 30yr -.03 3.455%

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