Yesterday’s USDA crop condition ratings along with favorable weather forecasts have given the bears the courage to sell aggressively.  Overnight, traders respected the $4.90 support level in DECEMBER CORN, but about 8:44 am CDT support was broken and the selling ensued. It looks like long liquidation in the AUGUST SOYBEAN contract as well with an acceleration downward in soybean oil futures (nearby futures testing trendline support).

Cattle futures are trading higher without any significant news for LIVE CATTLE.  The August LC contract pushed up against the top of the month-long trading range before backing off; the range is between $121 and $123.   Feeder Cattle futures benefit from the big drop in Corn futures.

Lean Hog futures are higher, led by the nearby AUGUST LH contract.  Monday’s Cold Storage Report was friendly with a larger-than-expected drop in frozen pork stocks.  Cash hog and pork values are also supportive. Corn Sep -18 523; Dec -14 484 (low 483); May -14 504 Bean Aug -34 1486 (low 1478); Sep -7 1342; Nov -10 1278 (low 1274) Meal Aug -8 495; Dec -2 388 Oil -44 4497

Wheat Sep -6 653; Dec -6 665; Jly -9 678 KC -3 699; MGE -2 745

Oats -4 353

Rice +27 1568

LC Aug +40 12227; Dec +40 12875 FC Aug +95 15387; Oct +70 15857 LH Aug +122 9835; Dec +27 8257 Milk Jly -1 1734; Aug +1 1790

US$ -.2% Dow +.1% SP -.1% NAS -.4% Tran -.7% VIX +3% 12.73

WTI -.1% Brent +.3% Gas +.7% NG +2.1% HO +.2% Eth -2.9%

Gold steady Slvr -1% 2031

5-yr +.01 1.31% 10yr +.02 2.50% 30yr +.02 3.57%

 

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