As early May weather forecasts became colder and wetter on Sunday, traders decided corn futures were too cheap given the risk of late planting and the potential loss of acres to soybeans. Wheat futures are tagging along on corn’s strength. Soybean futures appear reluctant to join the party since less corn acres means more soybean acres.

A rally in corn futures is helped along by large spec funds covering short positions they recently initiated when the supply-demand situation looked more comfortable.

Ag futures are supported by friendly outside markets including a weaker US dollar, higher crude oil, and rising precious metal futures.

Live Cattle and Lean Hog futures are slightly higher on ideas the beef and pork markets are improving. However, Feeder Cattle are pressured by the sharp increase in corn futures.

US equities are stronger on a positive housing sales report. The Federal Reserve Open Market Committee (FOMC) meets Tuesday and Wednesday with an announcement of policy upon completion.

Corn May +31 675; Jly +32 651.5; Dec +26 550 Bean May +22 1453; Jly +11 1392; Nov +8 1218 Meal may +5 423; Oct +3 343   Oil -23 4943 Wheat May +19 708; Jly +22 714; Dec +23 738 KC Jly +19 770; MGE +13 818 Oats +12 396 Rice +4 1484

LC Apr +22 12807; Jun +57 12317; Oct +47 12692 FC May -100 14080; Aug -122 14995; Oct -112 15352 LH May +37 8972; Jly +17 9292; Oct +25 8200 Milk May -5 1865; Jun +19 1945

 US$ -.4% Dow +.5% SP +.5% NAS +.8% Tran +.3%    VIX -1% 13.47

WTI +1.2% Brent +.4% Gas -.6% NG +3.3% HO +.2% Eth +2.7%

Gold +1.3% Slvr +2.2%

5-yr -.01 0.67% 10yr -.01 1.65% 30yr -.01 2.85%