The market opened the day mixed as called and with some profit-taking; it ended the day mostly lower but with some interesting twists and turns. 

Volume: Volume was relatively low except for the Euronext wheat contract and feeder cattle. 

Red Hogs: There were higher bids for most contracts, but lean hogs never saw green once during the session. 

Shiners: Corn and soymeal not only ended in the green but saw gains in both the nearby and more distant contracts.   

Reversal: The market finally realized it had over-bought wheat and gave it a beating.

Despite the UN FAO’s concerns about current panic buying leading to higher food inflation, the spread between nearby contracts and those more...