As I suggested Friday, today’s market appears to be influenced by favorable rainfall and forecasts in South America.  Adding pressure are disappointing export shipments for last week reported this morning by USDA.

While corn and soybean futures remain somewhat above key chart support levels, several wheat contracts have moved to new contract lows.  CBOT futures are at/near the day’s lows.

Outside markets are mixed.  Even with the US dollar weakening, energy and metal prices are slipping.  Stock markets are little changed as investors support Treasury bonds today.

Cattle and hog futures are disappointingly steady to lower despite Friday’s friendly news on sharply higher cash cattle prices (up $2-6/cwt) and a lack of expansion in the US hog breeding herd.  The Hogs and Pigs report did confound analysts with a new record pigs/litter figure in a time of rising cases of PEDv in hog herds.

Corn Mar -3 424 (424-27); Jly -3 440; Dec -3 452 Bean Jan -9 1323; Mar -10 1303; Nov -8 1147 Meal Mar -3 424; Jly -4 406 Oil -29 3906 Wheat Mar -4 605; Jly -4 617 (616-20) KC -7 637; MGE -4 631 Oats +1 357 Rice -12 1533

LC Dec +10 13395; Feb -15 13480; Jun -10 12945 FC Jan -55 16645; Apr -80 16797; Aug -82 16962 LH Feb -5 8560; Apr -7 9090; Jun  unch 10025 Milk Dec -1 1898; Jan -5 1943

US$ -.5%

Dow steady SP -.1% NAS -1.% Tran -.1% VIX +4.7%  13.05

WTI -.7% Brent -.9% Gas -.9% NG +2% HO -.7% Eth -1%

Gold -.8% Slvr -2%

5-yr -.02 1.72% 10yr -.03 2.97% 30yr -.04 3.90%

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