Overnight following Friday’s pre tariff selling, Tariffs now in place, will fund buying resume? 

 Corn – Overnight following Friday’s pre tariff selling, Tariffs now in place, will fund buying resume? 

↓ Overnight is following Friday’s tariff selling with selling of their own 

↔ With tariffs in place it makes sense to see some more fear selling but what real impacts this is going to have will likely take weeks if not longer 

↔ Funds bought 38K last week fully knowing tariffs would be in place today, that means it is possible to see fund buying today if they feel the tariffs will not cause major issues, now long 351K or 82% record 

↔ There is some area of light chart support at current levels, the 38% retracement level is 454 ½ 

Beans – Tariffs in place over the weekend affect China as well, solid rains added for ARG in the 10 day 

↓ Tariffs put into place over the weekend mostly focuses on Canada/Mexico but a 10% tariff was also placed on China giving beans to follow tariff news but likely on a smaller scale 

↓ Solid rains were added on the 10 day ARG forecast over the weekend 

↔ 38% retracement for March beans comes in soon, at 1026 ¾, we will see if it improves support 

↔ Like corn, funds bought 16K last week knowing tariffs would likely be in place, they have much more buying room in beans being long 56K or 22% of record 

Wheat – Easy follower of tariff news, funds sold 19K, wheat trade still very different than corn/beans 

↓ This market is normally an easy follower of other grains which continues with tariff discussions 

↓ Funds sold 19K, they are not trading wheat anything like corn/beans and for that reason most other traders aren’t either, there has been a recent move higher but most of wheat trade is sideways 

↑ Last week’s exports were strong at 480K, that could keep a very small bullish bias in trade this week 

Cattle – Small BB recovery, most of last week 209.50, funds take a week off from buying feeders 

↔ Yesterday’s PM BB was choice +0.20 select +1.77 packer BE at 204.71, packer cushion $2.26 

↔ Small BB recovery Friday, enough to limit concern about a lasting setback for now 

↔ Most of last week cash traded 209.50 in NE ($1 lower) with a few late 210.50 trades mixed in, this hints towards expecting an average cash trade around 0.70 lower keeping in mind we saw no reports of KS/TX trade so we don’t have a solid estimate on how that will affect the average 

↑ Funds took a week off from buying feeders, first time we have seen that in a while, they were still buyers of live cattle by 8K, now long 157K or 102% of record