FLASH: U.S. Planted Acreage Report - - - Stats Can Acreage Highlights - - - Corn / Wheat Throttled - - - Feeder Cattle Snort

The Big Picture Right Now . . . .

Crude oil is primarily supported by geopolitical tensions in the Middle East and higher gasoline demand heading into the July long weekend. Global oil inventories have snugged heading into the early summer market.

The cattle market is fundamentally strong providing the customer is still willing to purchase red meat at current values and the stock market rally holds. But feeder cattle appear overbought, despite the collapse in corn prices . . . .

Grains are simply a train-wreck right now. Corn and wheat are leading the pack lower. Grains are expected to remain weakened likely right into the mid-fall market. Then market must access buyer demand internationally. Canola has tested key support of $600/MT on the November contract this week. Technically oversold . . . .

Copper has peaked. Cocoa is diving lower. Base commodities like coal, lumber and steel in a depression-like state as global economies slow . . . .

And both Canada and the U.S. just updated their planted acreage reports. Lets have a look at the data. And lets take a look at some charts including crude oil, corn, feeder cattle, canola and lumber. Where are the trading ranges heading into mid-summer?