CBOT futures are trading mixed. Corn futures are extending the rally that began last week and accelerated with Friday’s friendly supply-demand update.

March CBOT contracts expire Thursday, so it will be interesting to see how the May corn and soybean contracts trade in the following days given the steep discount May futures have to March futures. If the May futures head higher, then currently strong basis levels could come under pressure.

Cattle futures are trading higher in anticipation of strengthening beef and fed cattle prices.

Lean Hog futures are trading slightly higher after the cash hog market improved late Monday and the Pork Cutout increased in value.

 Corn May +3 714; Jly +3 694; Dec +4 558 Bean May -7 1472; Jly -7 1448; Nov -4 1266 Meal May -1 437; Oct +.5 358   Oil -23 5021 Wheat May unch 700; Jly -1 701   KC unch 736; MGE -1 793

LC Apr +67 12880; Jun +30 12372; Oct +25 12907 FC Mar +37 13857; Apr +70 14207; Aug +100 15132 LH Apr +22 8137; Jun +5 9090; Oct +2 8257 Milk Mar -1 1704; Apr +2 1714

Oats unch 393 Rice -1 1523

 US$ +.1% Dow -12 14436 SP -5 1551 NAS -19 3234 Tran -43 6108  VIX +7.8% 12.46

WTI +.8% Brent steady Gas -.9% NG unch HO -.1% Eth -.5%

Gold +.8% Slvr +1.1%

5-yr -.03 0.87% 10yr -.05 2.01% 30yr -.04 3.22% 

TDN Cost of Hay vs Corn: Nevil Speer   Check out this short article in Beef Magazine.    http://beefmagazine.com/nutrition/beef-cattle-feed 

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