Corn – Planting picked up pace at 70% compared to 71% ave, closer to average than seen last week
↓ Yesterday saw active pre buying of the planting report as traders expected to see a poor number but instead planting actually picked up pace closer to average than it was last week
↔Once planting reaches 75% trade typically switches to a summer mindset where regular rains are a good thing instead of a bullish factor, subsoil moisture for summer will be recognized as strong
↑ Funds might have been light buyers yesterday, they still have some shorts to cover so occasional buying is still possible, just likely to be on a much smaller scale than seen earlier this year
↔Starting next week planting focus won’t be entirely removed but reduced significantly for corn
Beans – Planting still ahead of average at 52%, average is 49%, maps reduced rain this morning
↓ Pre buyers yesterday expected a poor planting report that instead came in at 3% over average
↔So far this year bean planting has been ahead of average pace so while it may have seemed slow to some, it is ahead of normal expectations
↔If there are late planting concerns going forward keep in mind that most traders will start to assume corn acres will switch to beans which would be a bearish influence on this market
↓ November hit expected resistance at 1220 which held again yesterday, solid new crop resistance
Wheat – Spring planting at 79%, average is 65%, HRW GTE fell 1% to 49%, focus may shift back to US
↔Yesterday Reuters put out a headline showing Russian wheat export prices jumping higher which may have caused day session trade to put focus on Russia, strong planting numbers and a continued sold GTE rating may shift that focus back to US issues today
↓ Spring planting has been ahead of pace all year, GTE ratings down 1% but still very strong at 49%
Cattle – No surprises yesterday to offer much influence, BB approaching a key resistance level
↔Yesterday’s PM BB was choice -0.75 Select +1.95 packer BE at 193.94, packer cushion $7.97
↔BB came in higher yesterday, average cash trade was +2.09 close to expectations, showlist +4200, all of which were almost right in line with expectations
↔As of the close yesterday futures were still pricing in a $1 higher cash trade this week
↔Choice + Select BB is at 616, the last 2 times BB stalled on a bounce was at 610 and 617, this is an important area to watch as it may have been the level consumers started easing their beef buying
↓ A $1 higher cash trade futures have pre priced in might be slightly aggressive, first thought is steady