CBOT futures closed steady to lower and close to the day’s lows. Prices hit highs about 915 am CT and worked lower the rest of the trading day. Pressure came from ideas that improving weather will help corn and bean yields. The continued strengthening of the US Dollar is also negative for exports. Given the large and swift rally in CBOT corn/bean futures in recent weeks, it’s not surprising to see the market pause and backfill some.

Cattle futures closed moderately lower on weak fundamentals as boxed beef values fall and fed cattle are expected to possibly trade down $2/cwt from last week’s $150. Choice carcasses down 0.99 at 233.95; Select down 2.89 at 230.82. Plentiful pork and chicken supplies at lower prices are hurting the cattle/beef market.

Lean Hog futures closed mixed with little direction provided by the pork market. FOB Plant Pork closed up .10 at 82.65/cwt., an improvement from the midday quote.

Corn Sep unch 430; Dec +1 441 (439-49) Bean Aug -6 1019; Nov -5 1011 (1006-30) Meal Aug +1 364; Oct unch 351 Oil -19 3146 Wheat Sep -4 562; Dec -3 571 (569-82) KC -6 553; MGE -7 582 Oats +1 256 Rice -10 1096

LC Aug -52 14650; Oct -80 14942; Feb -102 15190 FC Aug -85 21447; Oct -135 21027; Jan -115 20290 LH Aug +70 7600; Oct -45 6452; Dec +7 6157 Milk Jly -2 1633; Aug -4 1605

US$ +.5% Dow +70 18120 SP +17 2124 NAS +64 5163 Tran +14 8239 VIX -1.12 12.11 -8.5%

WTI -39 5102 Brent +46 5751 Gas +4 190 NG -5 286 HO unch 167 Eth -1 157 Gold -4 1143 Slvr -9 1496

2-yr +.032 0.657% 5-yr +.032 1.655% 10yr +.004 2.352% 30yr -.022 3.110%