Forecasts for additional rain in the southern Plains started the selling in the wheat market which then spread to the corn pit. But tonight’s wheat condition report showed some deterioration ahead of the rains. The spec funds have been huge shorts in CBOT Wheat and the market is going their way.

Continued heavy rains in the South keeps corn planting behind normal. U.S. corn planting is 2 pct complete, compared to 3% a year ago and 5% for 2010-14. KY has 1 pct corn planted, down from 15 pct for 2010-14.

Cattle futures closed with minimal price changes. Futures started the day lower in follow-through selling from Friday’s very sharp losses. Friday’s drop in cattle futures was substantiated by a sharp drop in cash cattle prices. USDA’s 5-area average price fell $3.34/cwt to $164.23. But a strong beef market helped cattle futures recover. Choice carcasses up 1.19 at 257.70; Select down 0.72 at 249.19.

Lean Hog futures closed mixed with the first 5 contracts posting gains. This added to Friday’s gains. Hog futures are supported by stronger cash hog bids and short-covering given the well-established uptrend in futures. Pork markets didn’t help today with FOB Plant Pork dropping .10 to 65.97.

Corn May -6 370; Jly -7 378; Dec -6 396 (396-401) Bean May -3 949; Jly -3 953; Nov -3 939 (937-47) Meal May unch 309; Oct -1 306 Oil -5 3104 Wheat Jly -24 500 (500-18); Dec -23 523 KC -29 533; MGE -20 566 Oats -2 264 Rice -15 1010

LC Apr +2 15882; Oct +25 14867; Dec +20 14965 FC Apr -20 21225; Aug +32 21177; Oct +50 20997 LH Apr +55 6310; Jun +62 7877; Oct -10 7115 Milk Apr -3 1566; May -17 1560

US$ +.2%

Dow -81 17977 SP -10 2092 NAS -8 4988 Tran -61 8707 VIX +1.36 13.94 +11%

WTI +40 5204 Brent +22 5809 Gas unch 181 NG unch 251 HO +2 178 Eth -2 155 Gold -5 1199 Slvr -12 1626

2-yr -.028 0.536% 5-yr -.034 1.370% 10yr -.023 1.930% 30yr -.008 2.574%