CORN
 
The corn had a setback overnight, which was attributed, in part, to ideas that there may be more active planting next week.  Traders may also be nervous about what the Fed will be saying this afternoon and looking to reduce risk.  Analysts say it looks like this is just another setback before another move higher and that breaks are for buying.
 
WHEAT
 
There was some rain in the HRW Belt overnight.  Too little, too late?  The $9.70 - $975 area is proving to be very strong resistance in the July KW.  A poor close today would indicate that we are in for a move down to the $9.20 area, but since production prospects are still very poor in the HRW Belt, in the long run breaks are for buying.
 
SOYBEANS
 
The soybeans rebounded well from yesterday's early pressure, but the beans were weaker again overnight and took out yesterday's low.  The July contract is back to testing support at the 40 and 50 day moving averages.  This is a critical juncture for the soybeans and failure of the support today would do long term damage to the charts.
 
LIVE CATTLE
 
Futures closed mixed on Tuesday with June taking the brunt of the selling pressure.  Overnight was quiet and narrowly mixed, as traders sort out this week's lower cash trade.  This week's cash, $188 in the north and $116-$117 in the south is another drop in price, but remains above board prices.  The results of today's Fed meeting at 1:15pm is expected to be a possible market mover.  Oversold conditions are being alleviated with sideways movement.
 
FEEDER CATTLE

Feeder Cattle futures continued their recent slide, with May and August posting another day of triple digit losses.  Recent strength in corn and softer deferred live cattle are weighing on the feeders.  Overnight saw corn prices fall back 8-10 cents, allowing feeders to post some modest to moderate gains.  Some moisture in dry cattle areas could give prices a little boost.

By Donna Hughes
Lone Star Portfolio Advisors, Inc. was founded by Donna Hughes.  Donna began her career in the industry in 1978 after graduating High School as a member of the Chicago Mercantile Exchange’s Inspection and Delivery Department where she was responsible for scheduling and facilitating the USDA grading and delivery for various Exchange Commodities.  After 1 ½ years, she was offered a position working with George Segal, a prominent hedger in the Pork Belly market.  It was through this relationship that she was mentored and taught the hedging process by working with Mr.  Segal as well as other leaders of the Pork Industry.  In 2004, Donna moved to Texas where her skills in the industry were utilized to help individual and corporate producers with their Risk Management Goals.  Her Daily Market Commentaries are heard on the AllAgNews.com Radio Network broadcasting throughout Texas.  She also contributes to magazines and periodicals including PetroEvents and Ag Monthly.

Donna created Lone Star and implemented strategic relationships with Daniels Trading and R.J. O’Brien leveraging their services to enable Lone Star to Build Lasting Relationships Thru Information, Execution and Research.