CBOT futures are down slightly after making a spurt higher when pit trading opened at 930 am.  There’s little news to support a further rally after yesterday’s sharp gains.  Traders talk of better rains in Brazil.  Some interior basis levels have weakened on apparent increased farmer selling.

Cattle futures are up slightly, correcting some of the recent sell off.  However, fed cattle prices are likely to be down a few dollars from last week.

Lean Hog futures are soaring this morning on rising pork and hog prices. February LH is now back in the upper part of the trading range and the deferred LH contracts are setting NEW CONTRACT HIGHS.   The damage done by PEDv remains a threat.

Corn Mar -2 440 (439-42); Jly -2 451; Dec -2 457 Bean Mar -2 1311 (1305-21) Jly -2 1277; Nov +1 1111 Meal Mar -7 440;  Oct -2 348 Oil +48 3819 Wheat Mar unch 585; Jly +1 591 (585-94) KC +3 649; MGE +1 625 Oats +12 437 Rice -2 1534

LC Feb +40 14000; Apr +42 13932; Jun +52 13150 FC Mar +62 16760; Apr +72 16822; Aug +67 17070 LH Feb +112 8635; Apr +195 9507; Jun +155 10530 Milk Feb +3 2287; Mar +5 2057

US$ -.1%

Dow unch SP -.2% NAS -.4% Tran -.8% VIX +1.4%  19.38

WTI unch Brent +.1% Gas +.7% NG -3% HO +.1% Eth +.6%

Gold +.5% Slvr +2.1%

5-yr +.01 1.48% 10yr +.02 2.66% 30yr +.03 3.63%

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