Corn – Exports expected moderate just under 1000K, trade more bearish than analysts for Monday
↔Exports are expected moderate today just under 1000K
↑ ANALYSTS are expecting almost no carryout change on Monday with any yield increases expected to be offset by acreage declines, no carryout change would be supportive at current price levels
↓ TRADERS are expecting more bearish news as $4 corn assumes either a higher yield increase on Monday or a smaller reduction in acreage
↔Funds still look to be short covering but there are so many sellers it’s tough to see much support
↔Most of trade seems comfortable with corn near $4, if that changes it will likely be after Monday
Beans – Exports expected strong near 1000K, weather maps still solid, trade comfortable near $10
↑ Exports have improved recently reaching strong levels around 1000K, that is expected again today
↓ Morning weather maps added rains to an already solid forecast offering very little August concern
↓ Unlike corn both analysts and traders agree to expect a bearish report Monday, analysts are a little less bearish likely due to expecting a larger acreage decline
↔If analysts are correct on Monday it may suggest near $10.50, if traders are right then near $10
↔Fund short covering has been seen but a bit slower and not as consistent
Wheat – Choppy overseas news but wheat slowly recovering as a whole, exports exp moderate
↑↓ First there was news of Egypt/Algeria about to buy a strong amount of wheat which added support then there was talk buyers may have trouble getting the loans to purchase that wheat
↑ Overall the recent week has seen a very slow grind higher, 4 year lows in Dec CHI is at 527 ½
↔Exports will be expected moderate to slightly poor today
Cattle – A bulk of cash trades after the futures close yesterday were $3 lower, sellers did not hold out
↔Yesterday’s PM BB was choice -1.96 Select -0.79 packer BE at 194.53, packer cushion $5.76
↓ Just after the futures close yesterday there were reports of $3- $4 lower trades in all areas (193.50 in NE and light talk of 185 in KS)
↔Even though futures are still priced $6.50 under cash, hearing a $3 to $4 lower trade is likely to add light resistance to futures again
↔BB down again yesterday but still in an area on the chart to be called sideways
↔Cash sellers might be fearing a possible pullback like seen last Fall, that started on September 20th