Corn and wheat futures closed sharply lower and at/near the day’s lows. CBOT JULY Wheat has dropped 6 straight days and lost 49 cents.  Chart support comes in at 6.64-6.69.  Pressure resulted from fund selling and expectations that next week’s weather will be favorable for corn planting and for some dry wheat areas.  The 6-14 day NWS maps show above normal rain for west TX up into the northern Plains.  The Southeast should dry out.

Soybean futures traded wide ranges this morning; a mid-morning sharp drop was followed with late-day buying taking prices to a new high for the day.  Soybeans were supported by indications that Chinese soybean demand may be picking up again.

Cattle futures closed higher following Tuesday’s large gains in beef values. However, tonight’s quotes show beef moving lower.  Until cash cattle price begins to weaken, the June’s $8-9 discount to cash should limit downside risk in LC futures. Choice closed down 1.53 at 225.08, and Select closed down 0.07 at 215.46    August Feeder Cattle tested the contract highs and set a new closing high.  August FC is $10 higher than it was 30 days ago.

The USDA will release the May 1 Cattle-on-Feed Report Friday after the close. Trade estimates are for on-feed to be down 1 pct, Placed down 3.6 pct and Marketings down 2.1 pct from a year ago.

Lean Hog futures closed very mixed with gains for June through October and losses from December 2014 into 2015 contracts. The May LH contract expired today at 112.40.  July and August LH posted the biggest gains as traders are moving their “bets” on when hog slaughter may be most impacted by PEDv. Producers are adding extra weight on their animals to make up for fewer numbers – will they do that in the hot summer weather?  FOB Plant Pork gained 1.30 to 112.92, offsetting about half of Tuesday loss in pork value.

Corn Jly -7 495 (495-504); Dec -6 489 (489-96) Bean jly +3 1487; Nov +3 1222 (1211-24) Meal Jly +2 486; Oct +1 391 Oil +17 4138 Wheat Jly -19 690 (688-710); Dec -18 715 KC -18 806; MGE -16 778 Oats +1 356 Rice -4 1528

LC Jun +45 13745; Oct +82 14272; Feb +60 14630 FC May +67 18540; Aug +77 19245; Oct +115 19362 LH Jun +97 12057; Oct +27 10557 Milk May -2 2263; Jun +22 2092

US$ -.1%

Dow -101 16614 SP -9 1889 NAS -30 4101 VIX +.04 12.17

WTI +67 10237 Brent +93 11017 Gas +4 297 NG +1 437 HO +2 296 Eth +3 216

Gold +11 1306

Slvr +23 1977

2-yr -.016 0.37%

5-yr -.054 1.57%

10yr -.075 2.545%

30yr -.08 3.376%

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