CBOT futures are slightly higher at midday after testing the downside earlier this morning. Again, there’s little news to move prices as farmers look for opportunities to get corn planted. Some progress is being made in the drier, western part of the Corn Belt. Late-week price action has been positive for corn as it recovered Monday’s losses and soybean futures made nice gains after testing key chart support. Wheat futures have lost significant value under pressure of forecasted rains. So far, the rains don’t appear to have been as widespread and heavy as expected.

After opening higher, cattle futures are down sharply on extremely weak boxed beef values. Choice Beef is down 2.69 at 257.69 and Select is up .48 at 251.45. Today’s drop erases half or more of the price gains made the last 3 days. The weak beef market may give packers the advantage in today’s cash trades.

Lean Hog futures are also lower on weak cash values and spillover pressure from the cattle pit. Pork values are higher at midday -- FOB Plant Pork is up .49 at 66.63. A sharp drop in stock indexes may also weigh on price.

Corn May +3 379; Dec +2 402 Bean May +3 969; Nov +2 955 Meal +2 315 Oil -9 3167 Wheat Jly +2 492 KC +3 517; MGE -1 546 Oats +2 260 Rice -8 988

LC Apr -155 15925; Oct -110 14987 FC Apr -140 21440 (hi 21672); Aug -145 21322 LH May -67 7035; Oct -82 7070 Milk Apr +1 1578; May -2 1587

US$ steady

Dow -1.3% SP -1% NAS -1.4% Tran -.6% VIX +12.3% 14.15

WTI -1% Brent +.2% Gas steady NG -1.4% HO -.4% Eth +1.6% Gold +.5% Slvr -.4%

5-yr +.028 1.318% 10yr +.006 1.884% 30yr -.004 2.552%

Paris Stockyards, Paris, KY Weighted Average Report for Thursday Apr 16, 2015 Cattle Receipts: 2414 Last week: 1792 Last year: NA

Compared to last week, Feeder Steers and Bulls sold 5.00-7.00 lower with instances sharply lower. Feeder Heifers sold 3.00-5.00 lower. Slaughter Cows and Bulls mostly steady.

Slaughter cows made up 7 percent of the offering, slaughter bulls less than 1 percent, replacement cows 3 percent, other cows 1 percent, and feeders 88 percent. The feeder supply included 53 percent steers, 38 percent heifers, and 10 percent bulls. Near 49 percent of the run weighed over 600 lbs.