CBOT futures traded higher overnight after the USDA showed a slight reduction in corn and soybean condition ratings and the latest weather models made traders less comfortable with the forecasts through the end of July.  Prices have retreated some from the early morning highs. Expect more volatility over the next two weeks as the weather forecasts change from day to day and from morning to night.

Soybean futures are rising for the second day on strong soybean meal demand; soybean oil futures weakness is weighing on the soybean futures market.

Cattle futures are trading mixed with slight losses in boxed beef values at midday.

Lean Hog futures are higher despite weakness in the cash hog and pork markets. However, the August LH contract is already at a discount to the last CME LH Index.

Outside markets are supportive for commodity futures.

Corn Sep +6.5 543; Dec +6 509.5

Bean Aug +17.5 1471; Sep +16 1331; Nov +19 1282 Meal Aug +14 465; Dec +10 387 Oil -1 4583

Wheat Sep -1 668; Dec -1 681; Jly’14 -3.5 697 Oats +1 354 Rice +2 1519

LC Aug -20 12225; Dec -5 12877 FC Aug +7 15272; Oct +30 15712 LH Aug +72 9627; Dec +65 8235 Milk Jly +5 1740; Aug +31 1796

US$ -.6% Dow -.4% SP -.6% NAS -.4% Tran -.4% VIX +4% 14.35

WTI -.4% Brent +.4% Gas +1.2% NG -.4% HO +.8% Eth +2.3%

Gold +.5% Slvr +.6%

5-yr unch 1.38% 10yr unch 2.54% 30yr unch 3.59%

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