Corn and soybean futures are lower.  Corn continued to slide lower after selling hit the market Monday when July Corn could not rally through stiff chart resistance at $6.70 (the bottom of a price gap).  Soybean futures are giving up part of the huge gains made Monday; the losses are bigger in the new-crop contracts due to ideas that many acres will be switched from corn to soybeans.  Old-crop soybeans are supported by uncertainty about available supplies through the summer.

Yesterday's crop progress report showed corn plantings are 91% complete versus 95% for the 5-year average. Soybeans are 57% planted compared to the 5-year average of 74%.  Corn crop conditions are 63% good to excellent versus 72% a year ago.

Live Cattle futures are weaker on follow-through selling from Monday.  Boxed beef values were weaker and there’s little sign that cash cattle prices can strengthen.  Feeder cattle futures are up slightly on weaker corn futures. August Feeder Cattle futures remain in a downtrend with support at $142.30.

Lean Hog futures are up nicely on optimism regarding cash hog prices.  The June LH contract broke through the $96.00 chart resistance level and may be headed to $98-99.

Financial markets are little changed on a lack of significant market news today. Traders anxiously await Friday’s jobs report from the U.S. government. The private ADP employment report comes out tomorrow.

Corn Jly -1 655 (hi 664); Sep -9 579; Dec -11.5 548.5 Bean Jly -5 1527; Sep -12 1355; Nov -16.5 1309 Meal Jly -1 453.5; Dec -6 387 Oil -20 4846 Wheat Jly unch 709; Dec -1.5 731 KC -1 751; MGE +1 824 Oats +1 381 Rice +7 1553

LC Jun -7 12065; Oct +25 12297; Dec +12 12502 FC Aug +50 14492; Oct +60 14857; Jan +47 15032 LH Jun +70 9652; Jly +112 9467; Oct +60 8380 Milk Jun -1 1777; Jly -17 1805

US$ +.25% Dow -.2% SP -.2% NAS -.1% Tran -.1% VIX +1.7% 16.55

WTI +.8% Brent +1.2% Gas +1.5% NG +.7% HO +1.3% Eth -.3%

Gold -1.1% Slvr -1.5%

5-yr +.01 1.04% 10yr +.02 2.14% 30yr +.02 3.29%

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