BB lower every day this week, futures trade appearing a bit more optimistic, no cash bids yet

Heat Reduced In Extended Forecasts

PM BB slightly lower, showlist -14,500, average cash trade yesterday slightly better than exp

Funds cover 11K shorts, morning maps drier than Friday, active cash selling expected

Rain totals lowered in the 10 day outlook, some heat on day 8, solid exports yesterday

Volatility has slowed drastically since funds moved to the sidelines, exports expected at 1000K

Again some talk of small China buying, bean oil is still a factor to watch, funds quiet

The GTE rating remained unchanged yesterday at 68%, trade expected it would be up 1%

Overseas wheat is picking up speed on its setback likely due to much stronger yield numbers out of Russia than expected, remember that in all the fear trade over the Russian crop there was one weather analyst out of Ukraine that expected almost no yield decline, that may now be accurate

The start of the 5 day warm/dry pattern is today before light rains days 6 - 10

Cattle are the most oversold compared to cash going back to December of last year, as of yesterday’s close futures were priced $9.50 under last week’s cash, obviously this means cash would now have to fall $9.50 just to catch up to what futures already have priced in right now

Funds sold 59K, now short 337K or 99% of record, GTE +1% to 68%, Beryl rain totals increased

Heat still in the forecast but not as extreme, limited pollination concerns, crop report Friday

Exports will be expected to bounce back closer to a moderate level around 1050K today

BB still moving higher, some analysts looking for a BB pullback next week, no cash bids yet

A GTE decline of 2% may cause some bargain buyers to step in with light support like in overnight

Funds were sellers of 86K ahead of the report, now short 278K or 81% of record

Yesterday’s PM BB was choice +0.48 Select -0.16 packer BE at 198.76, packer cushion $8.21

HRW harvest continues to be highly active so we expect harvest pressure to continue for now

Ethanol recovered last week to a solid 1057K and may be expected again near that level this week

GTE down 3% at 69%, funds buyers of 21K, analysts anticipating acres +317K on Friday

Corn – Weather maps still solid looking out 10 days, GTE could be lowered today

Yesterday’s PM BB was choice +2.17 Select +1.14 packer BE at 199.16, packer cushion $10.80

Weather maps have moderate rains, some heat but not extreme, lower ethanol expectations

GTE down 2% to 72%, solid weather maps continue, support expected again near 440