Old-crop corn and soybean futures are leading the CBOT higher today with wheat following along. The tight 2012-13 stocks situation combined with shipping problems in Brazil may be encouraging bull-spreading since those old/new spreads have come in a lot recently.

May Corn traded up through chart resistance overnight and then again on opening of pit trade. $7.44 is next resistance from the weekly continuation chart.

The rest of March looks pretty cold for the Corn Belt and Kentucky, so corn planting should lag last year’s pace.

Live Cattle futures are down slightly with the nearby April LC contract fairly priced given last week’s cash trade at $127/cwt and this week’s offers at $129. Feeder Cattle futures are under pressure with cash trade weak on Monday and feed costs rising today.

Lean Hog futures are lower on a lack of news or cash markets to encourage traders to buy. April LH has chart support at 78.25 from March 6.

US equities were higher through the morning but have sold off ahead of the vote in Cyprus regarding the tax on bank accounts. Investors’ worry over the indirect impact of such a move also is pressuring commodity prices.

Corn May +6 726 (hi 728); Jly +5 708.5; Dec -2.5 559.5 Bean May +8 1417; Jly +5 1400; Nov -4 1254 Meal May +2.5 416; Oct -1.4 354   Oil +4 4972 Wheat May +7 720; Jly +7 720 (710-722.5) KC +6 750; MGE +9 797

LC Apr -20 12585; Jun -15 12122; Oct -40 12665 FC Mar -80 13590; Apr -125 13815; Aug -157 14665 LH Apr -57 7882; Jun -55 8840; Oct -45 7985 Milk Apr +1 1739; May +10 1796

Oats +3 398 Rice +7 1461 

US$ +.3% Dow -.2% SP -.5% NAS -.5%   VIX +10% 14.64

WTI -.6% Brent -1% Gas -1.9% NG +1.4% HO -1.8% Eth -1.2%

Gold +.5% Slvr +.4%

5-yr -.03 0.78% 10yr -.05 1.91% 30yr -.04 3.14%

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