Fund buying may have slowed, forecast improved days 1 – 8, Friday’s report likely bearish

Planting 25% (21% ave), clearing in forecast, first estimates for new crop carryout are high

China back from holiday, forecast offers clearing, funds somewhat surprisingly quiet

Yesterday did show signs of fund short covering although this time the open interest report doesn’t support that, it is possible for funds to cover shorts on higher OI, just much less likely

Rains totals increased on this morning’s 1 – 5 day map, exports may be expected strong today

Rains are not quite as heavy as was seen on yesterday morning’s maps but will keep a fair number of planters parked throughout this week where rains are expected in NE/KS/TX/MN/IA/MO/WI/IL

HRW GTE down 1% to 51%, spring wheat planting 34%, largest planting gain in 9 years

Friday’s COT report showed funds covered 41K shorts, the most since late February, they still have plenty of short positions to eventually cover still being short 239K or 70% of record

Rains moving in today, 6 – 10 day map has moderate rains but some areas will dry out

Last week’s exports were strong at 749K but trade is still going to assume a poor export report as 13 of the last 16 weeks have all been disappointing, export demand for US beans has been an issue

July now right at multiple resistance levels which could slow the recovery for now

Planting 15%, average is 10%, GTE down 5% to 50%, some helpful HRW rains in the forecast

Funds back to 98% of record shorts selling 29K, July chart still in a clear downtrend

July has fallen 37 ¾ through yesterday, at least some Friday profit taking is possible

Overnight supplying pressure but exports today should see at least a small improvement

Planting at 6%, average is 5%, another setback on open interest decline suggests cash selling

Friday’s COT report showed funds as light sellers, most resistance still likely as cash selling

The report raised carryout 25 mil bu, trade reacted as if expecting worse, CONAB mostly quiet

Today’s report at 11 AM is expected slightly bullish corn, neutral beans and slightly bearish wheat. Active cash selling has been seen going into this report but with strong exports/ethanol for corn there is little reason to expect bearish news. For beans exports are expected lower and crush higher to result in a neutral report. For wheat poor exports are expected to raise carryout.

Russian headlines continue but total exports from that area not expected to change

Large BB bounce, positive BB but so far only 1 report, trade remaining cautious for now

Mixed Russia reports, Thursday’s report expected slightly bearish, HRW areas remain dry

Overnight CHI wheat posted new 30 day highs, Russian exporter denying certification claims

Exports expected strong today at 1200K+, OI suggests cash selling eased yesterday

Ethanol expected strong today, lower open interest suggests aggressive cash selling continues