Corn and wheat futures are lighting up the board today with July Corn futures leading the way higher. I’m not sure what is behind the change, but would suspect funds are significant buyers.

The cash soybean basis is beginning to weaken as the July futures have soared in recent days.  There are reports of some merchandisers moving soybean bids to the August futures contract to avoid the July contract’s volatility going into the delivery period.

Surprisingly Live Cattle futures are weaker given the record-setting Choice Beef prices.  The surging corn prices are hitting feeder cattle futures.

Lean Hog futures are edging higher as cash hog and pork markets strengthened Tuesday.

Fed Chairman Bernanke’s testimony this morning indicated he favors continued quantitative easing at the current rate due to slow job growth.  This is credited for the rally in stocks.

Corn Jly +16 656; Sep +12 559; Dec +9 529 Bean Jly +3 1481; Sep +1 1289; Nov +9 1230 Meal Jly -1 438; Dec +4 347.5 Oil +10 4958 Wheat Jly +12 692; Dec +11 714 KC +10 749; MGE -3 811 Oats +7 362 Rice +12 1530

LC Jun -57 12052; Oct -60 12287; Dec -47 12472 FC May -25 13165; Aug -97 14550; Oct -127 14945 LH Jun +45 9285; Aug +37 9097; Oct +35 8190 Milk may -1 1850; Jun -10 1796

US$ +.4% Dow +.6% SP +.6% NAS +.4% Tran +.2% VIX +.3% 13.41

WTI -1.2% Brent -.6% Gas -.8% NG -.2% HO -1.2% Eth +.1%

Gold -.1% Slvr +.3%

5-yr +.03 0.85% 10yr +.04 1.97% 30yr +.04 3.18%

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