Maps offer some dryness and above ave temps

Corn – Maps offer some dryness and above ave temps, funds aggressive sellers, report Wednesday

↑ While not extreme, the morning maps do suggest generally drier conditions over the next 10 days that also comes with slightly above average temperatures

↓ Funds sold a highly aggressive 79K contracts through last Tuesday, now short 213K or 62% of record

↔ For corn, analysts are expecting a mostly neutral June crop report on Wednesday

↑ July spent 4 days around the 440 chart support area and held last week, strong support found there

↔ Let’s watch maps closely as the first weather “threat” may be seen this week

Beans – First GTE ratings today, funds also aggressive sellers, report expected slightly bearish

↑ Weather map support is being seen in overnight trade for beans along with the corn

↓ Funds are aggressive sellers of 46K, now short 60K or 35% of record

↔ The funds took the same approach to beans as corn, once the crop was 75% in the ground they quickly turned to being aggressive sellers again

↓ The first GTE rating is expected to be strong today, similar to how corn started last week

↓ Wednesday’s report is expected slightly bearish for beans on below expected demand numbers

Wheat – Russia eased market concerns last week, HRW harvest continues with strong yields expected

↓ Putin’s statement that frost damaged wheat will not slow their expected exports went far to ease market concerns and wheat has been slipping all last week

↓ HRW harvest pressure should be expected to continue with more reports of strong yields

↓ Funds were light sellers of 6K wheat, now short 32K or 20% of record

Cattle – NE traded cash 191 late on Friday, up 0.50 from the previous week, funds light sellers

↔ Friday’s PM BB was choice +0.54 Select +0.31 packer BE at 196.18, packer cushion $9.65

↑ Cash trades were not seen until after the futures close Friday but was 0.50 higher in NE at 191

↔ The recent cautious trade by futures may finally see some relief after cash traded higher last week

↓ Funds were light sellers of 6K, still long 53K but trimming their longs to now 34% of record

↔ BB suggested all last week that we should have expected a sideways to slightly higher cash trade and that is likely what we will see on today’s average cash trade report, reason again BB is the #1 guide

↔ Let’s see if this week trade is less cautious than seen last week, as long as BB remains strong