Corn – Morning 1 – 5 day sees more clearing, still major system days 6 – 10, exports expected poor
↔Once again overnight added light support, we will expect this in each overnight session for now
↓ Morning 1 – 5 day map shows a larger clearing than yesterday, 6 – 10 day still has active rains
↔Yesterday showed signs of a 2nd day without fund short covering, without their support all grains would likely slip back a small amount as most other traders want to see a pullback before buying
↓ Exports will be expected slightly poor today, we have seen 5 poor reports in a row
↔Large scale resistance is still being seen in the mid 490’s, right where many expected it to be
Beans – Crush very disappointing yesterday, possible less aggressive pre buying of planting report
↓ Yesterday’s crush report was a 7 month low of 166 mil bu (trade expected 183 mil bu)
↔Trade may be less aggressive pre buying Monday’s planting report due to the fact trade has pre bought the last 3 reports yet the nationwide average pace has not been as disappointing as expected
↔Just like new crop corn is finding resistance in the 490’s, Nov beans are still finding it at 1210 – 1220
↔If planting delays are severe enough it will suggest more corn acres going to beans which would end up putting even more weight on this market
↔Yesterday saw an 8 AM sale of 120K old crop and 60K new crop to unknown, much more is needed
Wheat – Overnight adding support again as it does most nights, continued concern over Russia
↑ Once again overnight traders added support on continued concern over Russian weather
↑↓ Right now the main pattern is for overnight Euro traders to continue buying wheat on concerns over Russia production losses while US day traders sell that bounce due to fast spring planting, a strong
GTE rating and first estimates of HRW yields that are at 3 year highs
↓ HRW areas continue to see moderate rains in the 10 day outlook
Cattle – BB continues higher, trade pre factors in cash +$1 to +$2 but we have yet to see a cash bid
↔Yesterday’s PM BB was choice +2.38 Select +0.49 packer BE at 190.84, packer cushion $6.57
↔BB continued higher which was a positive sign but for now futures may have bounced just about as much as they are going to, already factoring in $1 to $2 higher cash without yet seeing a major bid
↔Since last Fall’s setback, futures have been much more cautious with the most pre bought or pre sold compared to cash being about $4, before that futures had pre bought $12 ahead of cash
↔BB has given trade reason to maintain levels right at the top end of the range but not quite enough yet to cause a breakout higher, further increases to BB or cash trades needs to be seen first