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After early morning pressure, corn futures were able to squeak out a positive day.  July corn futures 2343 ¼ cent higher at the close, settling at 607 ¾.  The new crop December contract was ¾ of a cent higher, settling at 548 ¼.  July futures held our 4-star support pocket from 595-601, so long as that holds, we think we can see the market recover some of the losses that we’ve seen over the last week.

Soybeans weren’t as lucky in today’s trade.  July futures finished the day 18 ½ cents lower, settling at 1417 ½.  The new crop November contract settled 10 ¾ cents lower to 1266.  Though we think soybeans may be temporarily oversold, our conviction for a bounce is less than that in the corn market.  The Bulls will want to defend the psychologically significant $14.00 handle, a break below there and we could be right back at the March lows, 1383 ¾.

July Chicago wheat finished the day 4 cents lower to settle at 653, about 10 cents off the low.  July KC wheat was 14 ½ cents lower, settling at 803.  July spring wheat was 4 ½ lower to 836 ½. 

June live cattle had a nice recovery yesterday but weren’t able to use that to their advantage in today’s trade.  June futures finished the day .52 lower at 164.025.  A choppy trade between 162 and 166 seems like a likely scenario until we get new news to give buyers or sellers a reason to move. 

May feeder cattle finished the day 1.325 lower, settling at 209.425.  The more actively traded August contract settled the day 17 cents higher to 229.50.

Lean hogs acted like lean hogs.  After rallying in the last two sessions, the market fell flat and gave back gains, albeit the losses were minimal.  June lean hogs were .30 for the day.  The December contract which we’ve been optimistic on settled .25 higher to 77.50.

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