CBOT futures traded both sides of unchanged, but closed steady (Corn) to lower (Wheat, Soybeans). Corn and soybean futures didn’t trade below recent lows; however, soybean meal broke to new contract lows. Today’s poor futures market performance in conjunction with expectations of a wetter forecast in Brazil and increased soybean sales post-election in Argentina would appear to give the bears an advantage. Remember the speculative funds are short corn, wheat and soybeans and want to see prices weaken further.

Boosted by Tuesday’s bullish price reversal, cattle futures rallied sharply today without the support of cash markets. Fed cattle haven’t traded ahead of Friday’s Cattle on Feed Report. Boxed beef was weak at midday and fell off more later in the day. Choice Beef dropped 1.69 to 206.68 and Select fell 1.23 to 196.70. This weighed on Live Cattle futures in afternoon trading. Live Cattle futures ended the day about a dollar/cwt below the day’s highs and the 1:00 pm settlement prices (quoted above).

Lean Hog futures also rallied early this morning based on Tuesday’s bullish price action. However, LH futures turned lower within 30-40 minutes of opening and eventually closed at/near the day’s lows. FOB Plant Pork edged up .16 to 72.19.

Corn Dec unch 362 (358-64); Jly unch 379; Dec16 unch 390 Bean Jan -6 858 (852-67); Jly -4 873; Nov -5 877 Meal -3 286 Oil -3 2744 Wheat Dec -4 483; Jly unch 493 KC -4 459; MGE -2 500 Oats +5 243 Rice -22 1184

LC Dec +295 13097; Feb +255 13312; Apr +257 13340 FC Nov +140 17487 (17540 late-day); Jan +265 16395; Apr +337 16402 LH Dec +20 5437; Feb -10 5627; Apr +70 6200 Milk Nov -3 1533; Dec +12 1486

US$ -.1% Dow +248 17737 SP +33 2084 NAS +89 5075 Tran +133 8191 VIX -1.99 16.85

WTI unch 4067 (3991-4155) Brent +65 4422 Gas +4 128 NG -4 233 HO +1 138 Eth -1 145 Gold +1 1070 Slvr -4 1413

2-yr +.029 0.880% 5-yr +.030 1.684% 10yr +.010 2.271% 30yr -.004 3.043%

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