CBOT futures are mixed at midday, having bounced back from a late-morning sell-off. Overnight strength gave way once more traders hit the market at 830 am CT. The US dollar was down significantly early this morning but has rallied sharply into the noon hour. This may be weighing on the CBOT. Higher energy prices are supportive however. Focus will continue on the South American crop development and China’s purchase activity.

Cattle futures are trading mixed with little change in Live Cattle futures although trading has been volatile. Lean Hog futures are lower with some contracts moving to new lows. Cash cattle and hog markets will have to lead these markets higher.

Corn Mar -2 388 (386-92); Jly -2 402; Dec -2 415 Bean Mar unch 982 (977-91); Jly +1 994; Nov unch 966 Meal +3 329 Oil -33 3251 Wheat Mar +2 539; Jly +1 545 (542-51) KC -3 574; MGE -7 582 Oats +1 291 Rice +5 1132

LC Feb unch 15305; Apr +7 15115; Oct -2 14635 FC Jan -47 21400; Mar +72 20320; Aug -47 20680 LH Feb +25 7202; Apr -60 7407; Jun unch 8367 Milk Feb +4 1449; Mar +7 1416

US$ -.1% started much weaker

Dow +.3% SP +.6% NAS +.6% Tran +.9% VIX -5% 18.92

WTI +3.2% Brent +2.3% Gas +1.7% NG +3% HO +.7% Eth -.4% Gold -.3% Slvr +1%

5-yr +.041 1.331% 10yr +.054 1.861% 30yr +.058 2.456%