Corn and soybean futures closed lower on improving U.S. harvest conditions and moisture in Brazil. Soybean oil futures dropped sharply with pressure from the falling crude oil market. A strengthening US dollar also weighed on futures. The US Dollar is up 10 pct in the past 6 months. Wheat futures closed higher on continued fund short covering amid ideas supplies are (will be) down in some export competitors.

--------------------------------------------------------- Corn – 18 States HARVESTED: 65% vs 73% 5-year average

Soybean – 18 States HARVESTED: 83% vs 83% for 5-year average.

WINTER Wheat Planted – 18 States 90% this week vs 90% last year and 89% for 5-yr average. Rated 59% good/excellent vs 63% year ago.

Cattle futures closed higher on strengthening midday beef values; this followed a weak finish last Friday when fed cattle sold for $168/cwt, down $2.00 from the previous week and Choice beef dropped more than $2.00. Beef packers are losing money in the current price structure. Boxed beef closed mixed with Choice down .47 to 250.73 and Select up .77 to 239.40.

Lean Hog futures posted gains today as the pork cutout edged higher -- FOB Plant Pork rose .43 to 97.94/cwt. The LH rally adds to Friday’s recovery from the big loss posted Thursday.

Corn Dec -3 373 (370-75); May -3 395; Dec -3 415 Bean Nov -18 1029; Jan -19 1030; May -19 1039; Nov -13 1014 Meal Dec -16 373; May -6 335 Oil -77 3403 Wheat Dec +6 538; Jly +3 563 KC +4 597; MGE +3 577 Oats +11 347 Rice +5 1205

LC Dec +100 16705; Feb +117 16727; Jun +70 15640 FC Nov +142 23557; Mar +117 22692; May +150 22707 LH Dec +82 8885; Feb +95 8900; Jun +20 9470 Milk Nov +4 2129; Dec -6 1893

US$ +.4% 87.27

Dow -24 17366 SP unch 2018 NAS +8 4639 Tran +12 8768 VIX +.77 14.80 +4.8%

WTI -232 7822 Brent -171 8415 Gas -4 211 NG +16 403 HO -3 248 Eth +3 187 Gold -7 1165 Slvr unch 1611

2-yr +.016 0.513% 5-yr +.015 1.629% 10yr +.009 2.344% 30yr +.005 3.065%

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