CBOT futures are sharply higher on short-covering as the outside markets are friendly (weak dollar, higher energy and stocks) and the CBOT has seen much selling pressure the past several days. Wheat futures are supported by news of some export buying interest and from Monday’s crop condition reports from KS/TX/OK that were less than hoped for. March Corn has traded above the 100-day moving average that stopped Monday’s price rally.

Cattle futures are lower with feeder futures down sharply, following Monday’s $4.50 limit-down move. The nearby fundamentals don’t seem as negative as futures are trading. CHOICE Beef up 1.46 to 244.07 and SELECT up 2.28 to 237.88.

Lean Hog futures are moderately lower except for the nearby expiring February LH contract. Cash hog and pork prices continue to weigh on this market. FOB Plant Pork down 1.99 to 76.49.

Corn Mar +14 384; Jly +13 399; Dec +13 414 Bean Mar +28 987; Jly +26 998; Nov +24 969 Meal Mar +11 339; Oct +9 321 Oil +52 3093 Wheat Mar +19 512; Jly +18 520 KC +21 556; MGE +23 577 Oats +6 275 Rice +10 1041

LC Feb -95 15225; Apr -130 14830; Oct -115 14365 FC Mar -425 19645; May -395 19767; Aug -257 20092 LH Feb -5 6627; Apr -85 7707; Jun -85 8227 Milk Feb +1 1587; Mar unch 1565

US$ -.9%

Dow +.8% SP +.5% NAS +.1% Tran +.6% VIX -3.5% 18.75

WTI +2.8% Brent +2.5% Gas +.5% NG +1% HO +3% Gold -1.2% Slvr steady

5-yr +.065 1.250% 10yr +.076 1.752% 30yr +.087 2.341%