CBOT futures are mostly lower on very good crop conditions and favorable short-term weather outlooks. December Corn is near its recent lows. July Chicago Wheat fell to a new low for this move and is now just 15 cents from the contract low set in February 2014. KC and MGEX wheat futures are near their recent lows but much higher than their contract lows. Corn and Soybeans are both down about one percent. Analysts point out how high the soybean/corn price ratio is, which could eventually lead to larger losses in the soybean pit. Cattle and hog futures are up sharply on bullish ideas regarding limited supplies and strong demand. New contract highs were hit in many contracts. The chart below shows how tight the inventory of meat is in commercial storage.

Corn Jly -4 441; Dec -4 438 Bean Jly -16 1408; Sep -10 1257; Nov -11 1222 Meal Jly -7 449; Oct -6 391 Oil unch 4068 Wheat Jly -8 571; dec -10 602 KC -6 708; MGE -8 677 Oats -2 335 Rice +16 1479

LC Jun +165 14980; Oct +122 15167; Feb +107 15380 FC Aug +265 21055; Oct +225 21170; Mar +215 20520 LH Jly +250 13080; Oct +112 11187; Dec +87 9782 Milk Jun -1 2132; Jly +9 2197

US$ +.2%

Dow +.1% SP +.2% NAS +.7% Tran +.4% VIX -.3% 10.95 WTI +.1% Brent +.5% Gas +.5% NG +1.2% HO +.6% Eth -.5%

Gold +.1% Slvr +.4%

5-yr steady 1.705% 10yr -.01 2.61% 30yr -.02 3.425%

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