July Corn future retreated yesterday while Wheat futures drifted lowerU.S benchmarks are firm this morning, gaining ground across the board; all eyes are on the Federal Reserve.August Live Cattle futures responded well to Friday’s Cattle on Feed report in yesterday’s session. In a normal market environment this would be a very bullish Cattle on Feed report, unfortunately we are in anything but a normal environment, so it’s taken with a grain of salt. Lower highs for Corn futures last week while July Wheat futures broke down on Friday.Rumors have been swirling that China was in the market for some big corn purchases. That, coupled with today’s option expiration has provided support in prices over the last few sessions. U.S. Jobless Claims, New Home Sales and KC Fed Manufacturing are released today.June Live Cattle future took some heat yesterday but manage to close off the lows; Aug. Feeder Cattle managed to rally into the afternoon session.May corn futures continued to drift lower yesterday and the technical landscape has gone from bad to worse over the past few sessionsCorn futures manage to rally into the weekend, only to give it up in the Sunday night/Monday morning trade. Friday’s COT) report showed funds holding a net short position of 137,571 contracts.