Corn – Exports were disappointing the last 2 weeks, overnight likely expects poor sales again today
↓ The last 2 weeks have fallen away from the 800K – 900K normal level at 335K two weeks ago and 566K last week, due to these recent poor exports overnight is likely expecting poor sales today
↑ Rainfall totals are just as active on the morning 1 – 5 day map showing some significant rains, the 6 –10 day map is showing better clearing though
↓ The 3 July chart resistance levels are holding, yesterday’s high came close to testing the first 457 level
↔Yesterday’s ethanol report was poor again at 954K, just as we are moving into weather related support, corn is seeing an easing back on both export/ethanol demand reports recently
Beans – Exports expected poor again, for beans this has been a problem since December
↓ Last week’s exports were strong at 749K but trade is still going to assume a poor export report as 13 of the last 16 weeks have all been disappointing, export demand for US beans has been an issue
↑ The same weather issues adding support to corn are adding support to beans, both markets are also seeing lower open interest this week suggesting funds may be lightly short covering
↔July is between important chart support at 1145 ¾ and first resistance at 1196
↔Monday’s planting pace should remain on pace with expectations as many are planting as fast as possible this week before rains this weekend, next Monday’s planting report should show a slowdown
Wheat – The key to recent support has been the GTE drop but overseas wheat is worth mentioning
↓ Like corn/beans, wheat is expected to see exports poor again this week
↑ Overseas wheat has rallied a solid amount the last 2 months, GTE ratings are still the current #1 guide for price but if overseas wheat continues to rally, there is a chance at improved US exports eventually
↔Expanded rains now also covers half of KS, all of NE/SD and 2/3 of ND, solid HRW rains
Cattle – New headlines seen but the key is that futures have simply fallen back in line with cash
↔Yesterday’s PM BB was choice -1.66 Select -2.34 packer BE at 186.11, packer cushion $4.17
↔There were new bird flu headlines that might be blamed for yesterday’s setback but 2 factors suggest it might have had more to do with cash: 1) The setback in futures started over 30 minutes before the headline came out and 2) futures moved back in line with a steady cash trade yesterday
↔Cash trades in KS/TX yesterday were steady with last week which is what showlist and BB implied
↓ Yesterday’s setback in BB erased most of the recent BB gains, if it moves lower today it will move to new lows again on the year