CBOT futures are lower lead by a sharp drop in soybean complex futures with the biggest losses in nearby soybean meal. Bearishness is related to favorable conditions in South America and fresh concerns for soybean meal demand.  Given the large spec funds’ long position, the price weakness may be encouraging more fund selling to limit risk.

Cattle and hog futures are up strongly on optimism for the cash hog/cattle markets and pork/beef values.  However, at midday, the pork cutout is down about $2.00/cwt.

Outside markets are mostly bearish with a stronger US dollar and falling prices for energy and equities.  Money is moving to precious metals and Treasuries amid the risk-off trade.

Corn Mar -2 420 (419-27); Jly -2 435; Dec -3 447 Bean Mar -29 1263 (1262-93); Jly -26 1239; Nov -10 1125 Meal Mar -13 404; Jly -10 391 Oil -31 3882 Wheat Mar -8 597; Jly -8 608 (606-16) KC -7 633; MGE -9 626 Oats -4 350 Rice +22 1550

LC Feb +87 13550; Jun +45 12987 FC Jan +57 16727; Apr +65 16875; Aug +32 17062 LH Feb +187 8730; Apr +147 9215; Jun +72 10087 Milk Jan +29 1963; Feb +43 1910

US$ +.4%

Dow -.8% SP -.9% NAS -.9% Tran -1.5% VIX +4.1% 14.29

WTI -2.1% Brent -2.1% Gas -2.1% NG +1.9% HO -1.8% Eth +1.2%

Gold +1.8% Slvr +3.7%

5-yr -.02 1.73% 10yr -.04 2.99% 30yr -.05 3.93%

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