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Noticeable slow down in these markets over the past 24 hours as optimism over energy policy turns into a waiting game. Weather concerns still loom but so does widespread record production. Heavy rains could become problematic for harvest and second crop planting in Brazil soon

Up and down day in the hog markets with a narrow win to finish the session...

April lean hogs squeezed out a 30 cent gain to wrap up the day at $95.45

Selected grain contracts at settlement...

Soybeans took a small hit from profit taking as recent export sales pace couldn't be maintained with China buying elsewhere...

Mar CORN: up ¾ cent to $4.30¾

Mar SOYBEANS: down 2¾ cents to $10.72¼

Mar WHEAT: up 5½ cents to $5.41½

Wheat pushed over $5.44, which we have not seen since late November, but has settled back to where the session opened. Corn and soybeans challenged yesterday's highs but have also lost momentum. The trend is still up so watch for support to hold as we go toward the close
 
HRW wheat basis was steady in the Southern Plains as HRW prices reached a 2-month high and triggered some farmers to sell. Equipment issues due to the cold weather have slowed many mills causing some weakness but Canadian demand has bolstered demand in the eastern markets
 
Soybean basis at the Gulf was also lower due to river ice, higher freight costs and currency pressure. Basis in the Midwest was mixed to firmer due to slow movement with recent weather and strong crush margins
 
Corn basis at the Gulf was steady to higher due to river ice and higher freight costs. Basis in the Midwest was steady to weaker as futures rise spurs farmer sales
 
Corn prices are $1-$2/MT higher in the international market today as they follow futures higher. Soybeans are also following futures to go $3/MT higher. Winter wheat is $4/MT higher while spring wheat is unchanged. Black Sea prices jumped $6/MT and Russia was unchanged
 
Winter wheat in the northern Plains along with citrus in Florida continue to be threatened by freezing temps while hot and dry stress wheat and livestock in Australia and crops in southern Argentina. Heavy rain in Brazil has delayed bean harvest and Safrinha corn planting
 
Watch to see if export sales can be on the high end of expectations and if the recent storm provided any drought relief. Expectations are for cattle and hog production to be lower than last week and watch for lower unemployment claims to signal strength in the labor market
 

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