Corn – Yesterday’s disappointing exports may still add light pressure, no sizeable fund trade all week
↓ Yesterday’s disappointing exports of 847K may still offer some light pressure today
↔Fund trade has appeared nearly silent all week, if they were buyers it has been small scale
↔While Dec has moved away from the familiar 410 level, the current level of Dec is almost exactly in the middle of the range that has been made over the last 20 days
↔Rain in the 1 – 5 day forecast may slow harvest but is still expected faster than the 5 year average
Beans – Exports turned out moderate at 1756K, going on a mini drought of 8 AM sales recently
↔Exports were expected to be disappointing but instead came in moderate resulting in relatively calm trade yesterday and overnight
↔The last time we saw an 8 AM sale of beans was on Monday, during Fall we normally expect a consistent streak of 8 AM sales like seen the previous 3 weeks
↔Nov remains in the upper 1/3 of its recent 20 day range, exports are just strong enough for support
↔Palm oil has been on the rise recently which spilled some support over to bean oil, nothing of large size yet but this could be a story to keep watch on for potential influence in the future
Wheat – Lower yesterday on poor exports, if exports slow then attention could turn back to overseas
↔Exports slowed yesterday, not yet a major issue as 5 of the last 7 weeks have seen improvement but if exports return to being slow then attention may turn back to overseas wheat trade for influence
↑ Very light first support for Dec CHI would be 560 ½, following that would be around the 540 level
Cattle – Cash traded $2 higher in NE, there looked to be fund buying yesterday, BB to new lows
↓ Yesterday’s PM BB was choice -1.82 select -1.49 packer BE at 186.63, packer cushion $5.97
↑ Cash trade was $2 higher in NE yesterday (on slightly higher than average graded cattle)
↓ BB made new lows for the move again, packer profits back under $7, boxed beef is not only still falling it is starting to fall even quicker
↓ Steer dressed weights were + 8 lbs on yesterday’s report, seasonally weights do move higher but that jump was likely a bit more than expected
↑↓ Cattle continues this week to be 2 stories: 1) A strong and positive looking cash trade this week as packers had some profit cushion to work with along with pre COF report buying and 2) A quickly falling boxed beef that suggests the weeks coming up may start moving lower in cash and future