Corn futures started the day lower, rallied midday, but sold off on the close to end near the day’s lows.  Corn export shipments reported this morning were very disappointing at only 9.6 million bushels. The declining cattle on feed inventory is a negative for corn demand in the months ahead.

  U.S. harvest progress on Sunday was 87% in corn and 80% in soybeans.

  Live Cattle futures closed a bit higher on follow-through support from last Friday’s higher cash trade (+$2/cwt) and the friendly Cattle on Feed Report (see charts at the bottom of page).  Traders are expecting cash cattle to trade $1-2 higher again this week.  Boxed beef values also strengthened -- Choice UP 1.67 at 198.35; Select UP 1.08 at 183.53.

  Lean Hog futures closed lower on profit-taking ahead of this afternoon’s Cold Storage Report. Unfortunately, the report put total pork stocks at a record high of 630 million pounds.

  U.S. equity markets rallied at the close to erase losses. Treasury yields continue to creep higher as “risk on” trade moves money from Treasuries to equities.

Corn Dec unch 761; Mar unch 759; Dec’13 -1.5 633

Bean Nov +12 1546; Mar +8.5 1518; Nov’13 -1 1337   Meal Dec +7 471; May +4 430   Oil +8 5166

Wheat Dec +6 878; Jly +8 856   KC +7 915;  MGE +5 947

LC Oct +10 12640; Feb +30 13130; Jun +35 13155

FC Oct -47 14567; Nov -62 14775; Apr -32 15340

LH Dec -95 7867; Feb -52 8517; Jun +7 10090

Milk Oct -1 2103; Nov -10 2052

Oats +1 395

Rice -12 1490

US$ -.1%

Dow unch 13346

SP +1 1434

NAS +11 3017

Tran -18 5064

 VIX -.44 16.62

WTI -130 8914

Brent -43 10971

Gas -4 265

NG -17.5 344

HO -5 308

Eth unch 241

Gold +5 1729

Slvr +34 3244

2-yr +.012 0.311% 5-yr +.041 0.790% 10yr +.049 1.815% 30yr +.037 2.972%