The market’s focus is now on Italy where problems exist in forming a coalition government. The uncertainty in the Eurozone has investors seeking the safety of US Treasuries. As a result yields are down sharply today to a 3-month low; rates have fallen for 3 days.

CBOT corn and soybean futures are little changed and wheat is up one percent. Wheat may be supported by concern some wheat’s been damaged by frost. Also July CBOT Wheat moved to a new high since futures bottomed in early March. A well-defined uptrend line will provide support. Again, tomorrow’s key USDA reports are the focus of most traders.

Cattle futures are higher on apparent optimism that cash prices will improve. Live Cattle futures are back near the top end of the recent trading range.

Lean Hog futures are down with most contracts back to where the week started. The Quarterly Hogs and Pigs report comes out tomorrow and could show some herd expansion.

Corn May +4 734; Jly +2 714; Dec unch 571 Bean May unch 1448; July -1 1425; Nov -2 1274 Meal May unch 420; Oct unch 357 Oil -3 5079 Wheat May +8 739; Jly +6 738   KC +8 776; MGE +5 815 Oats +5 405 Rice +14 1514

LC Apr +72 12667; Jun +102 12217; Oct +57 12745 FC Mar +25 13510; Apr +75 13935; Aug +47 14827 LH Apr -47 7902; Jun -115 8992; Oct -72 8152 Milk Apr unch 1742; May +3 1828

US$ +.4% Dow -.3% SP -.3% NAS -.2%   VIX +2.8% 13.13

WTI -.2% Brent +.1% Gas -.3% NG +2% Eth +1.8%

Gold +.5% Slvr -.4%

5-yr -.03 0.74% 10yr -.06 1.85% 30yr -.06 3.09% 

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