Although the outside markets are generally supportive to ag futures today, the CBOT futures are mostly lower on the significant rainfall over the weekend that probably saved many a bean field. Corn and wheat are mostly following the lead of soybean futures. However, wheat has been showing signs of being supported by ideas that world wheat production levels are dropping.

Tonight’s USDA crop condition reports will be watched closely for only slight deteriorations from last week’s ratings.

Traders will be positioning for Friday morning’s USDA Crop Production report and the WASDE report.

Cattle futures are trading higher on last week’s $3-4/cwt surge in cash fed cattle and by cheaper corn futures. However, boxed beef values have not been rising.

Lean hog futures are slightly lower in follow through selling to the big losses on Friday and from weaker cash markets.

Corn Sep -9 801; Dec -6 801; May -6 796 Bean Sep -31 1605; Nov -33.5 1595; May -8 1449 Meal -9 501 Oil -45 5183 Wheat Sep -2 889; Dec -1 903; Jly -2 846 KC -8 888; MGE -4 940 LC Aug +85 12082; Dec +95 12822 FC Aug +142 14037; Oct +117 14130 LH Aug +15 8970; Oct -12 7572 Milk Aug +6 1755; Sep +20 1897 Oats -6 372 Rice -1 1596

US$ -.2% Dow +.5% SP +.5% NAS +.9% Tran steady VIX +3.5% 16.19 WTI +.7% Brent +.3% Gas -.3% NG -.5% HO +.4% Eth -.8% Gold +.5% Slvr +.3% 5-yr -.024 0.642% 10yr -.029 1.539% 30yr -.023 2.627%