The soy complex, especially for old-crop contracts, is pushing higher on expectations China will come to the U.S. for quick-shipment supplies after reportedly cancelling Brazilian purchases that couldn’t get shipped.

Corn and wheat futures are not following soybeans higher given some overhead technical resistance on the charts.

Cattle futures, especially Feeder Cattle, are surging higher on short-covering, supported by news that Congress has passed legislation to avoid the 11-day furlough of meat inspectors through September 30, 2013. This same news is lifting Lean Hog futures.

The Cyprus situation is still up in the air with Monday being a deadline set by the European Central Bank. Although Cyprus is a very small economy, it’s the policy precedents that could affect behavior of bank depositors in other EU countries.

Corn May -2 731; Jly -2 715; Dec +1 568 Bean May +18 1438; Jly +17 1416; Nov +8 1269 Meal May +5 419; Oct +2 359 Oil +43 5027 Wheat May -6 730; Jly -6 728; Dec -6 744 KC -4 762; MGE -6 803

LC Apr +92 12697; Jun +80 12270; Oct +67 12800 FC Mar +90 13600; Apr +197 13962; Aug +200 14915 LH Apr +92 7880; Jun +115 8965; Oct +102 8037 Milk Apr -13 1744; May +6 1839

Oats -3 396 Rice -2 1464

 US$ -.1% Dow -.2% SP -.2% NAS -.5% Tran -.8%   VIX +2.7% 13.01

WTI -.7% Brent -.6% Gas -.4% NG +.3% HO -.3% Eth -.4%

Gold +.4% Slvr +1.4%

5-yr -.03 0.79% 10yr -.03 1.94% 30yr -.03 3.17%

Blue Grass Stockyards    Cattle Weekly Summary Report for the week ending 03/21/13 Receipts:   1,635   Last Week:  2,975   Year Ago:   3,000    Compared to last week, steer calves sold 5.00 to 15.00 lower with very light demand, yearling steers 5.00 to 8.00 lower with very light demand.  Featherweight heifer calves 5.00 to 15.00 lower, over 400 lbs 2.00 to 5.00 lower with light demand.  Slaughter cows sold steady to 1.00 lower with good demand. Slaughter bulls sold steady with good demnad.  Volatile futures market combined with less feedlot demand and cold temps slowing spring grass sent prices drastically lower this week.

   Total supply included 05% slaughter cows, less than 01% slaughter bulls, 01% replacements and 94% feeders.  Feeder supply 52% steers, 13% bulls, 35% heifers with 55% of feeders weighing over 600 lbs.