Corn – Rains moving in today, 6 – 10 day map has moderate rains but some areas will dry out
↔With rains starting to move in today traders may start looking forward to focus on rains seen next week, the morning 6 to 10 day map shows moderate rains but not a washout like this weekend
↓ There have been 4 trading days in a row where support keeps July in the low 450s but is unable to take out the first of three resistance levels starting at 457, that resistance expected to hold again today
↔Trade could remain calm today as traders may choose to wait for weather map updates Monday
↔Many planters were moving this week ahead of the rain which will likely keep Monday’s planting pace report from slipping too far, a likely reason why support was seen but slowed at 450
Beans – Exports slip again which continues to add a bit more pressure to beans compared to corn
↓ Unlike corn which saw a solid recovery in exports yesterday, beans slipped back to a poor 331K
↓ Weather is still the #1 guide right now but for beans there is always light constant weight from the added acreage and on a weekly basis there is a little weight from the poor exports as well
↔Both corn and beans have seen a moderate drop in open interest again, we will see if this afternoon’s COT report shows signs of some fund short covering on this weather event
↔July continues to maintain a price directly between chart support of 1145 ¾ and resistance at 1196
Wheat – Rains this morning already falling in HRW areas, may cause light pressure to end the week
↓ Rains are already starting this morning in HRW areas which may cause light pressure to end the week on thoughts that Monday’s GTE rating may at least stay steady or improve slightly
↑ Exports bounced back yesterday to 456K, the 2nd best sales seen in 13 weeks
↓ July CHI wheat is up 63 cents on the week, that means solid odds for seeing a profit taking Friday
Cattle – NE traded anywhere from steady to $3 higher yesterday, futures price in $2 higher cash
↔Yesterday’s PM BB was choice +1.18 Select -0.76 packer BE at 186.24, packer cushion $4.30
↔After KS/TX traded steady cash Wednesday, NE traded cash anywhere from steady to +$3 which futures quickly priced in on yesterday’s trade and are likely to remain near current levels today
↑ It is quick to see the bullish bias in trade lately, reacting very quickly to bullish news
↓ The cattle weights report was +3 lbs for dressed steers, now at +28 lbs compared to last year
↔BB has been trending sideways for 8 trading days now, until BB makes a new significant move higher or lower we still can expect cash/futures to be choppy but sideways