CBOT futures are trading mixed as traders position themselves for the big USDA acreage and stocks reports at 11 a.m. CDT on Friday.   The July Corn, Soybean and Soybean Meal contracts continue gaining on deferred futures as cash demand for product remains quite strong.  Soybean oil futures are dropping for yet another day and weigh upon soybean futures. Plentiful (to excessive) moisture is considered bearish for new-crop prices. The 14-day outlook is for below normal temps and above-normal rainfall in the eastern Corn Belt.

Wheat futures traded higher overnight but sold off as more traders got to work this morning. JULY CHICAGO is 8 cents off the highs and KANSAS CITY if 7 cents below the daily high. The chart picture remains negative with CBOT and KC JULY moving to new lows. MGEX JULY wheat rallied sharply off chart support as weather may lead to less Spring Wheat acres than earlier expected.

Cattle futures are stronger today despite a lack of strength in the cash cattle and beef markets.  The strong equity markets may be spilling over into the Cattle pit.  Or it may be the persistent strength in the Pork Cutout and Lean Hog futures.

Corn Jly unch 665; Sep -2 572; Dec -6 537 (535-544)

Bean Jly +10 1544; Sep +2 1319; Nov -3.5 1272

Meal Jly +10 473; Dec +1 386

Oil -36 4627

Wheat Jly -2 665 (664-673); Dec -1 691; Jly’14 -3 717

KC -2 692; MGE +14 813

Oats unch 384

Rice -15 1549

LC Jun +30 12157; Aug +65 12282; Dec +52 12790

FC Aug +80 14972; Oct +80 15327; Jan +85 15480

LH Jly +100 10095; Oct +45 8600; Dec +12 8272

Milk Jly +2 1714; Aug +9 1782

US$ +.1%

Dow +.8%

SP +.8%

NAS +.9%

Tran +.8%

VIX -2.8% 16.73

WTI +1.8%

Brent +1.5%

Gas +.6%

NG +1.6%

HO +1.6%

Eth unch

Gold unch

Slvr +1.2%

5-yr -.03 1.42%

10yr -.03 2.51%

30yr -.03 3.56%

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