Make it 7 straight days – that March Corn has closed lower! Look for chart support at $6.86 and 6.78.

CBOT futures traded lower overnight but tried to rally at pit opening. However, soon futures turned lower and they kept going down the rest of the trading day. The bearish attitudes may have been strengthened by this morning’s release of the “USDA Agricultural Projections to 2022.” View the report at  http://www.ers.usda.gov/topics/farm-economy/agricultural-baseline-projections.aspx

July Wheat closed below the January low and hasn’t been this low since June 2012.

Cattle futures closed higher after an early-day decline. Hopefully, this is a sign that the downward price movement has ended. We’ll see if the cash markets can pick up. The Choice cutout value did increase 60 cents today.

Corn Mar -7 702; Jly -7 692; Dec -4.5 559 (555-64)

Bean Mar -21 1431; Jly -18.5 1407; Nov -13.5 1268.5 (1263-1282)   Meal Mar -9 413; Oct -5 351   Oil -19 5124

Wheat Mar -15 741.5; Jly -12 751 (750-65)   KC -11 789; MGE -10 826

LC Feb +42 12687; Jun +27 12597; Oct +15 13045 FC Mar -20 14480; Apr +42 14862; Aug +97 15767 LH Feb +45 8690; Apr +25 8637; Jly +2 9412 Milk Feb -4 1720; Mar -22 1720

Oats -5 381 Rice -50 1584 Limit Down

 US$ +.1% Dow -22 13971 SP -1 1517 NAS -2 3192 Tran -2 5909    VIX -.08 12.94

WTI +131 9702 Brent -73 11817 Gas -4 302 NG -6 321 HO -1 323 Eth -1.5 240

Gold -18 1648 Slvr -53 3091

2-yr -.004 .254% 5-yr +.020 0.854% 10yr +.018 1.968% 30yr +.010 3.172%