Today’s Crop Progress report shows only 4 pct of U.S. corn has been planted, up from 2 pct last week; this compares to 26 pct last year and 16 pct for the 5-year average. The slowest pace of planting for this date is 3 pct in 1993. KENTUCKY has 15 pct of its corn planted, compared to 73 pct a year ago and 32 pct for the 5-year average.

CBOT futures closed lower today after the 6-14 day weather forecasts turned warmer and drier which should open the planting window in the Corn Belt. As of Sunday, IN and IL each had 1 pct of corn planted, and Iowa had none.

The soy complex was pressured by concerns that bird flu in China will decrease feed demand. China is also selling canola oil stocks so this pressured soybean oil futures.

Winter Wheat conditions deteriorated slightly, but freeze damage is still being quantified. And more freezing temperatures happen this week, but traders don’t seem worried.

Cattle futures closed lower, pressured by Friday’s negative Cattle on Feed Report and weaker cash cattle prices.

Corn May -6 646; Jly -9.5 623.5; Dec -14 533 Bean May -11 1417; Jly -18 1364; Nov -10 1203   Meal May -2 410; Oct -2 337.5   Oil -54 4862 Wheat May -7 702; Jly -9 702.5; Dec -7 724 KC Jly -8 742.5; MGE -3 803 Oats +9 392 Rice -12 1510

LC Apr -37 12597; Jun -47 12082; Oct -45 12465 FC Apr -40 13362; May -60 13860; Aug -7 14597 LH May -27 8757; Jly -65 8962; Oct -47 8010 Milk Apr +2 1764; May -24 1887

US$ -.2% Dow +20 14567 SP +7 1562 NAS +27 3234 Tran +17 6051 VIX -.58 14.39

WTI +80 8881 Brent +90 10055 Gas unch 277 NG -15 425 HO +3 282 Eth -3 246

Gold +30 1426 Slvr +43 2339

2-yr -.01 0.22% 5-yr -.02 0.69% 10yr -.01 1.69% 30yr -.01 2.88%

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