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Pretty bearish soy meal exports in the NOPA crush report yesterday. Exports down 4.5% in March versus Feb. Soy meal seemed to drive the rally up in beans a couple of months ago. Could be more weakness across the sector as a whole.

Taking a look at the Live Cattle June-August spread. Cash trade is at a standoff right now in the Midwest with the weak futures. April is $10 over June, and comes off the board in 3 weeks. That's enough for feedlots to try and bring some cattle forward to get the better price. The M-Q spread has...

Interesting article on the soybeans, TraD. Not sure what to think on the beans right now. It all seems to hinge on Chinese demand.

Except for volatile wheat, grain markets are pretty quiet right now. Any thoughts?

Whew, did not see that coming on corn. EXCEPT for the weird implied volatility on corn and bean options. Beans had very low implied volatility right before the report, while corn had some built in. It seemed like the market expected a corn move, but thought beans would stay pretty neutral.

USDA planting intentions out tomorrow. Wheat has been volatile over the past couple of days here.

I was talking to the owner of a feed mill in rural NE, and he had heard that some are worried that the hog market could absolutely fall apart in the middle of 2016. I asked him the reasoning, and he was saying they are predicting a massive oversupply. This is the first I've really heard of this...

That LEM:N15 spread is textbook mean reversion. That spread got out to a standard deviation or 2 away from the mean, and someone jumped in with some decent volume and brought it back. Very interesting.

Corn is quiet today, but it has been making some larger moves recently. I think the 6-week or so period of low volatility in corn is coming to an end. No idea which way it is headed, but I think we will see larger daily moves.

Grains have been pretty green Friday and today. Not sure if it's because we are getting close to planting, or if it just the dollar coming off substantially. Cattle have been rallying pretty good here, that LEJ/M spread has picked up 50 cents or so from Friday. What are you guys watching today?

Been dry in the Iowa/Nebraska are as well. Definitely need some moisture here.

That cattle spread is breaking below the support at $8.20 or so. And the front month is up much closer to the cash after yesterday.

Live cattle nearly limit up right now, not sure where that came from. Looks like $8.20 or so is support on the LEJ/M spread.

Grains getting hammered today.

Yeah, the LEJ/M hit resistance at $9.40 on Friday. The question is whether that $8.20 area will provide some support.

Here's an excerpt from a cattle update, take it for what it is: CATTLE - Cattle trade waited until Friday to get going as packers resisted paying up for cattle and feedlots held for higher money. By the end of the day, it looked like trade was very light at mostly steady money in the south...

Yeah, that cattle spread has held together despite the volatility today. Knocked off around $9.40 though. Should be interesting to see what happens next week.

Lots of red in the ag today. Feeder cattle down hard. Soybeans giving back from their recent rally.

Wheat is confusing to me right now. I look at that chart and can't tell much of anything. We've come off a lot from those Russia/Ukraine rallies, and it would make sense that we are getting some kind of a bottom. There is a ton of wheat out there, and the weather seems like it was pretty good...

Trad: You still in that cattle spread? I see it's breaking out today.