CBOT futures are continuing to lose ground after Monday’s bearish USDA reports and last evening’s positive crop condition ratings (rain benefits have offset flooding so far). With the large funds still very long corn and soybean futures, the selling pressure may hang over the markets for a while. Remember the CBOT/CME is closed Friday for July 4, so a 3-day weekend could stir the markets up come Monday.

Cattle futures are up strongly today, offsetting Monday’s surprise losses. Traders must have been convinced by the late day strength in boxed beef values. Today’s jump in FC futures is negating the bearish key reversal posted Monday.

The euphoria over Friday’s bullish Hogs and Pigs Report is waning today as the nearby LH contracts drop sharply. July LH is now below last Friday’s closing price. Deferred LH futures are higher but are at the day’s lowest point.

Corn Jly -6 418; Sep -6 412; Dec -6 419 (417-25) Bean Jly -13 1388; Aug -15 1314; Nov -20 1137 (1132-59) Meal Jly -7 451; Oct -8 362 Oil -14 3871 Wheat Jly -5 559; Sep -6 571; Dec -4 594 KC -13 697; MGE -14 653 Oats +7 345 Rice -29 1425

LC Aug +100 15107; Dec +107 15480 FC Aug +250 21527; Oct +260 21687; Mar +222 20952 LH Jly -205 13060; Aug -227 13055; Oct +65 11455 Milk Jly +8 2133; Aug -5 2113

US$ steady

Dow +.8% SP +.7% NAS +1.1% Tran +.9% VIX -3.9% 11.12

WTI -.3% Brent -.1% Gas -.7% NG -.4% HO -.9% Eth -1.6% Gold +.4% Slvr +.4%

5-yr +.03 1.65% 10yr +.04 2.56% 30yr +.05 3.39%

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