CBOT futures are sharply lower following the 3-day weekend as traders anticipate a record large soybean crop and above-normal corn yields. USDA will update its crop condition report this afternoon. Traders will be positioning for Friday’s midday update to Crop Production and the WASDE report providing ending stocks forecasts. Wheat futures tried last week to start a short-covering rally but futures have fallen back to contract lows under the pressure of the corn and soybean markets. Corn and soybean futures “gapped lower” this morning, offering a negative chart outlook. Livestock futures are trading strongly higher in most contracts, continuing the long-running uptrend. Some contracts are hitting new contract highs. Traders will watch beef and pork values for signs of how consumption went over the July 4 weekend.

Corn Sep -11 398; Dec -11 404 (403-10) Bean Aug -27 1272; Sep -19 1148; Nov -14 1119 (1116-24) Meal Aug -9 409; Oct -4 359 Oil -34 3833 Wheat Sep -16 551; Dec -16 587 (586-601) Kc Sep -16 671; MGE -12 660 Oats Sep -9 342 Rice Sep +2 1360

LC Aug +120 15620; Dec +42 15647; Apr +12 15637 FC Aug +180 21942; Oct +132 22017; Mar +95 21280 LH Jly +22 13195; Aug +90 13250; Dec +107 10392 Milk Jly -3 2135; Aug -9 2049

US$ unch

Dow -.3% SP -.4% NAS -.7% Tran -1% VIX +10.5% 11.40 WTI -.4% Brent -.3% Gas -.9% NG -2.7% HO -.1% Eth -.6% Gold -.5% Slvr -1.2%

5-yr -.002 1.738% 10yr -.031 2.617% 30yr -.048 3.435%

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