Boxed beef still on the move higher

Corn – Down 13 cents on the week overnight may be looking for Friday profit taking, still solid maps

↑ December was down 13 cents on the week so overnight may be expecting some Friday profit taking

↑ Morning maps moved some rain around but totals are still solid, there is another round of heat days 2 – 5 which may also be catching some attention for overnight support

↔ Exports are expected moderate today, right around 1000K

↓ Dec made new 3 ½ month lows yesterday leaving next (and last) chart support contract low at 446

Beans – Friday profit taking, NOAA maps bring in additional heat July/August, exports exp strong

↑ Analysts are expecting a strong export report today around 600K

↔ Yesterday’s NOAA maps suggested an increase to the heat in July/August although it also did suggest normal rains, August is always the key weather time traders watch for beans

↑ Nov is down 30 cents on the week so some Friday profit taking would be expected

↓ Nov made new contract lows yesterday at 1115, now finding chart support would mean going back to the continuous chart, clear and well defined support levels are tougher to find now

Wheat – Also may find a profit taking Friday for shorts to avoid a surprise headline over the weekend

↑ Overnight is anticipating a profit taking Friday which may have solid chances of happening both due to wheat being down 45 cents on the week and also in case there are any surprise Russian headlines

↓ A major analyst from Russia raised their wheat production estimate on Wednesday to 82 MMT

↔ It is unlikely that harvest pressure is over with but a profit taking Friday is still possible short term

Cattle – Bids started a 194 and quickly moved to 197 in NE, BB still on the move higher

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

↑ Cash bids started lower but quickly moved up to 197 in NE, now suggesting $1 or more higher trade

↑ Once again this higher cash bid on a higher showlist week is due to BB continuing to move higher which is keeping packer profits near $11 this week

↔ The pattern we have seen is that as soon as BB raises packer profits to a level they can pay up, they then do so almost immediately, this is of course a pattern that can’t last forever and is still based on the assumption that BB will continue higher which is why BB is/has been our #1 guide