Corn – Overnight may be reacting to maps, day session may remain focused on tomorrow’s report
↑ Support across the board overnight which may be tied to wetter morning 10 day forecast maps
↓ While overnight is watching maps, day session traders appeared focused on tomorrow’s USDA report during yesterday's trade and we may see that again today
↔Exports are expected moderate near 800K, recent exports have slowed for corn
↓ December saw resistance yesterday right where it was expected which is any level over 490, it is expected we will see sizable new crop hedge pressure as December approaches 500
Beans – Another ARG strike being talked, exports expected poor, tomorrow’s report tough to ignore
↑ 10 day weather maps are not as clear this morning as yesterday, adding to overnight support
↑ There is talk of another ARG strike today, if it happens it is expected to last for 1 day
↓ As with corn/wheat, it is tough to focus on weather maps short term as tomorrow’s report stands such a high chance at a starting new crop carryout projecting price significantly lower
↓ Following tomorrow's report it is entirely possible trade will make the case on Monday that yield will not reach trend line for various reasons but going into the report we still expect pre selling
↔In July first light chart support may be found at 1217 ½, following that next support is 1191 ¾
Wheat – Overnight’s #1 focus is almost always on wheat which is likely why wheat saw most support
↑ There is concern over high temperatures in Russia which may hurt their wheat crop
↓ Early HRW crop tour estimates are suggesting strong yields, we will wait to see what other tour numbers are seen that trade follows more closely
↓ All grains have reason to resume pre selling tomorrow’s USDA report
Cattle – BB sets back quickly in volatile trade, no open market cash bids, futures price in steady cash
↔Yesterday’s PM BB was choice -1.82 Select -4.09 packer BE at 185.71, packer cushion $1.45
↓ After an aggressive 2 day bounce in BB it set back aggressively yesterday, highly volatile trade which makes trade cautious as our #1 guide in this market is recently tough to estimate for the next move
↔Futures assumed a $1 - $2 higher cash trade, at the end of yesterday now factoring steady to +$0.50
↔Seeing no open market cash bids is slightly concerning, if bids had been +$1 or +$2 it is highly likely we would have seen those bids posted yesterday, we will keep watching today
↓ Packer profits now at $1.45 are the lowest level packers have used to bid cash this year