Corn futures fell sharply on ideas that the western Corn Belt could advance planting significantly before the next storm.  However, the eastern area can't expect the same.   The 18-state area has 13% of corn planted, down from 66% last year and 40% for the 5-year average. KY is stuck at 17% planted.

Wheat and soybean futures were lower in spillover pressure from the corn pit.

Weaker demand along with increasing supplies are pressuring cattle prices.

Energy and precious metal futures were very volatile today.  Silver fell sharply due to speculators being pushed out by rising margin rates -- the CME raised initial margins another 11% today.

Commodities:

Corn Jly -22 734.5 (732-760.5);

Sep -12.5 703.5; Dec -8 661 (660-673)

Wheat Jly -9.5 792; Dec -10 878

KC Jly -11.5 890.5; mGE -10.5 937.5

Beans Jly -1 1393; Sep -0.5 1381;

NOV -0.5 1374 (1367-1379)

Meal Jly -1.3 362.3

Oil Jly +2 5860

Oats Jly -9.5 343

Lcattle Jun -140 11195; Oct -110 11962

Feeders May -85 13105; Aug -112 13482; Nov -70 13652

Hogs May +37 9565; Jly +7 9647; Oct +42 8945

Milk May +6 1647; Jun +6 1739

Financial Market:

US$ +.15%

Dow -3 12807

SP -2 1361

NAS -9 2864

Tran -7 5508

VIX +1.24 15.99

WTI Crude -48 11345 (11082-11483)

Brent oil -133 12456

Gas -3 337 (331-341.5)

Ngas -1 469

Ethanol -2 263

Gold -3 1553 (1540-1577)

Silver -464 4396 (4220-4819)

2-yr +.004 0.605%

5-yr +.002 1.970%

10yr -.002 3.281%

30yr -.013 4.380%

In the 8-14 day forecast, the eastern Corn Belt will be Colder than Normal and Wetter than Normal.