CBOT futures are trading mixed at midday. Wheat traded lower at the 830 am opening but soon rallied for most of the morning; today’s gains extend the price increases seen Monday. Support came from Monday afternoon’s crop condition ratings that were somewhat poorer than expected and by disappointing rainfall in HRW country. Corn futures also sold off at 830 am and have failed to sustain any rally attempts. Corn futures are testing last week’s lows; if those levels fail, then prices will target the March lows. Even though corn planting was only 9% on Sunday, traders expect the western Corn Belt to advance significantly this week. The expanding problem of bird flu (now in an Iowa egg layer operation) is on traders’ minds.

Livestock futures started the day weaker but found buying late morning, possibly due to stronger beef and pork markets. Choice beef is up 1.56 at 260.70 and Select is down 1.24 at 250.96. FOB Plant Pork is up .98 at 68.84.

Corn May -6 372; Dec -5 396 Bean May -4 973; Nov -3 955 Meal -3 315 Oil +18 3177 Wheat Jly +5 503 KC +3 521; MGE +6 558 Oats -2 261 Rice +17 995

LC Apr +57 15592; Oct +77 14712 FC Apr +37 21220; May +102 20617; LH May +87 7115; Jun +207 7760 Milk Apr unch 1584; May +8 1636

US$ -.1% was stronger until mid-morning.

Dow -.4% SP -.1% NAS +.4% Tran -.2% VIX -.7% 13.21

WTI steady Brent -.9% Gas -1% NG +2% HO -.4% Eth +.2% Gold +.3% Slvr +.4%

5-yr +.005 1.329% 10yr +.001 1.898% 30yr -.005 2.567%