Bean Exports In Focus

Corn – July down 14 cents on the week could see Friday profit taking, continued signs of fund selling

↑ With July down 14 cents on the week there could be some Friday profit taking buying today

↓ Yesterday showed more signs of light to moderate fund selling, open interest +18K

↔ Chart support is found around the 440 level in July, after that is the contract low at 422 ¼

↔ Ethanol improved to a strong report at 1068K, after 6 weeks of disappointing reports more is needed before expecting support

↔ Exports are expected moderate today around 1000K

Beans – Added rains may bring support on planting concerns, exports expected poor

↑ Given that trade is still watching planting progress for beans the added rains on the 1 – 5 day map may bring in some support on expecting a disappointing planting report Monday

↔ Trade has expected a poor planting report 5 weeks but so far planting is still ahead of average

↓ Exports expected poor today at 300K, there never was confirmation of China buying on 8 AM reports

↓ BRA beans are back to being priced slightly under US, a pickup in exports to China may have to wait

↔ First chart support in July is at 1203 ½, after that support is not seen until 1140 - 1145

Wheat – Some buying might be expected for those getting in ahead of the weekend

↑ We may see support today as traders buy in ahead of an expected Euro bounce Sunday night

↓ This week has shown signs that more attention is turning back to the US just ahead of harvest

↔ Russian headlines will still have occasional influence but the closer we get to US HRW harvest the more we expect attention to turn towards US issues and expectations of strong yields

Cattle – NE cash bids start $2 lower, BB still at resistance not taking it out, another bird flu headline

↔ Yesterday’s PM BB was choice +0.42 Select +0.04 packer BE at 195.76, packer cushion $7.94

↔ NE cash bids started $2 lower yesterday, there was talk late that those bids improved slightly

↔ BB is still stuck at resistance, CH + SEL is 616.56, still stopped just short of key resistance at 617.46

↔ A 3 rd dairy worker was detected with bird flu, this may have attracted a few sellers yesterday but like any headline once it is repeated it sees less and less trade reaction, for major influence this story needs to change or become more drastic is some way to offer large scale influence now

↔ Cash trades are not likely to be the +$2 that trade expected on Tuesday, likely closer to steady