Heat still in the forecast but not as extreme, limited pollination concerns

Corn – Heat still in the forecast but not as extreme, limited pollination concerns, crop report Friday

↓ There is still heat on days 5 – 10 of the forecast but not as extreme as maps showed Friday

↓ Areas expected to pollinate this week are mostly south and east of the heat which limits concerns

↓ Friday is the July Supply/Demand report, while no major surprises are expected it will be expected to increase carryout significantly from the rise in acreage seen on the June 28th report

↑ Price levels anywhere near 400 have seen much improved support which is expected to continue

Beans – Bean oil did not support last night, weather maps slightly less threatening

↓ For the past 4 trading sessions the bean oil made a highly aggressive recovery which spilled support over to beans, last night that support cooled which also spilled over to beans

↓ Like corn, weather maps are less threatening for this week as compared to Friday’s maps

↔ Exports for both corn and beans remain slow, not seeing signs of demand improvement like seen in wheat over the last 3 weeks, this leaves trade wondering what price level does see improved demand

↑ November has moved under 1100 but generally improved speculative support is expected there

Wheat – Demand improves but so does prospects for a solid Russian crop, keeping trade choppy

↑ Exports were strong again on Friday still showing true demand improvement at this price level

↓ As more solid/strong yield reports come in for Russia it is turning thoughts to the possibility that not only may the Russian wheat crop not be poor but it may even be solid to strong

↔ Over all chart patten shows a recovery from US harvest pressure but then sideways/choppy

Cattle – Some very late trades on Friday reached 199 in NE, BB still grinding higher

↔ Friday’s PM BB was choice +0.59 Select +0.68 packer BE at 201.77, packer cushion $11.24

↑ Cash trades late on Friday reached as high as 199, the weekly average will still likely be lower than that but not as low as some in trade may have feared back on Friday

↓ Cautious trade has been obvious lately and should be expected to continue going forward

↑ BB continues on a grind higher and while some analysts fear it may start setting back this week most in trade are still likely to use it as the #1 guide and won’t sell too aggressively until BB falls

↔ Futures finished Friday priced near 190, we will see what today’s average cash trade is