Corn – Rains not quite as heavy this morning but will keep some planters parked this week
↔Rains are not quite as heavy as was seen on yesterday morning’s maps but will keep a fair number of planters parked throughout this week where rains are expected in NE/KS/TX/MN/IA/MO/WI/IL
↔The streak of open interest declines stopped yesterday suggesting funds were quiet, may have taken away some support, we will keep watching funds closely being short 259K contracts
↔The July corn range continues as it has for two months now, mostly between 438 ½ and 457
↔Weather maps are still supportive but by itself not yet enough to take out resistance in the 440’s
↓ Ethanol will be expected poor today after seeing 2 poor reports in a row of 983K and 954K
Beans – Overnight continuing yesterday’s selling, Monday’s record planting pace likely to slow
↓ Overnight looks to be following yesterday's pattern of selling that was likely linked to seeing a record planning pace on Monday of 18%
↑ While last week was on record pace, this week’s rain forecast is highly likely to slow that pace
↓ We might see light pressure from pre selling of tomorrow's weekly export report especially since last week's exports returned to a very low level of 331K
↔July has a wide range on the chart that extends from a low of 1145 ¾ up to first resistance at 1196
↔ARG strike talks already look to be resolved, keep in mind these ARG strikes are seen every spring so market reactions can happen but total reactions are typically small and short lasting
Wheat – Moderate rains seen in ND yesterday which was an area that missed the first round of rain
↓ KC wheat likely to remain under moderate pressure as ND saw moderate rains yesterday which was an area that had missed rains last weekend that most other HRW areas saw
↑ CHI wheat may hold better support expecting solid exports tomorrow like last week’s 456K
Cattle – After 2 days of a setback cash and futures are back to being mostly in line
↔Yesterday’s PM BB was choice -3.16 Select -0.26 packer BE at 185.52, packer cushion $3.16
↔While the last 2 days of a futures setback may have appeared bearish, all that has really happened is to see futures back in line with last week’s cash trade and June back to the middle of the recent range
↔The recent low for June is 170.25, the recent high is 179.65, exactly between those levels is 174.95
↔With a showlist of +13,500 first bids may be slow to be seen, especially if those bids are lower
↓ BB is no longer sideways, yesterday made new lows for the move again, choice + select = 584.32