Corn – Yesterday’s selling may have been light fund selling again, open interest was +8K
↓ Yesterday’s setback may have been caused by light fund selling, open interest was up by 8K
↔ Last week’s COT report showed funds aa sellers of 28K which resulted in a move that was to 468 ¼,
the large size selling resulting in just a 11 ¾ sent setback shows the active support under 480 fair value
↔ Weekly exports are delayed until tomorrow, they will need to be at least moderate (around 1200K+)
to help offset some of the recent fund selling keeping corn near the fair value level
↔ Total trade volume is likely to slow drastically today and tomorrow
Beans – A small amount of rain added for ARG days 1 – 5, maps flipping but not drastically
↓ After yesterday’s maps went slightly dryer this morning’s maps added some rain back in for ARG days
1 to 5, BRA continues to see solid rains for most of the 10 day forecast
↔ SA maps are flip-flopping slightly but nothing to a large-scale, enough to cause choppy trade
↔ There isn’t enough influence to move March far from the fair value level of 1300
↑ Private analysts are each continuing to lower BRA production numbers one at a time, seeing a new
update every few days, providing light support but most analysts still close to last year’s 154.6 MMT
Wheat – Slightly better support seen keeping March CHI above the recent top end range of 620
↑ This market has recently seen slightly better support but it’s difficult to pin a reason to it, possibly
Russia lowering their export expectations slightly or hope for a Egypt purchase but no large scale news
↔ Last week’s exports were moderate at 326K, perhaps some are expecting strong sales again of 500K+
↑ There is a chance that funds are lightly covering some of their 65K shorts, OI down 1K yesterday
Cattle – Showlist +15K, NE started with a steady cash bid then no news was heard after that, BB lower
↔ Yesterday’s PM BB was choice -1.83 select -0.87 packer BE at 175.20, packer cushion $4.48
↓ Showlist was finally out yesterday at +15K at the same time BB moved slightly lower
↔ NE packers posted a steady cash bid but after seen BB slightly lower and the showlist at +15K there
is at least some chance packers may ease that bid back today, we will see
↔ A 1 day setback in BB does not erase the slow gains seen over the last 2 ½ weeks but the BB setback
needs to be temporary and continues to be the top issue we track daily
↔ Let’s see cash bids today, futures still pricing in a steady cash trade this week near 171