Corn – Signs that funds did not short cover yesterday, should be able to find a bounce if beans do
↔For the first time in a while there were signs that funds did not short cover yesterday
↔Ethanol will be expected moderate today just over 1000K
↑ Monday’s carryout change does allow for a small bounce to 410 – 420 but beans will need to ease up spill over pressure to allow that bounce to happen
↑ For 2 weeks Dec has found support around 395, only breaking it once to set contract lows at 390 ¼
Beans – A slight reduction in rains, Nov very close to fair value levels, more exports needed
↑ Morning maps have a little less rain in the forecast for northwestern areas, solid rains elsewhere
↔November is very close to new fair value levels of 970 – 980, it may gravitate around that level until larger scale news is seen to suggest a new move
↔Exports have slowly picked up and now we are seeing more 8 AM sales, more is needed for support as a couple strong weeks are good but a lot more is needed to make up for months of poor sales
↔With weather wrapping up for 2024 trade will now need to wait for crop combine reports, otherwise the focus is likely to be on exports, especially if exports continue improving
Wheat – Overseas makes new lows on the year, overnight trade follows as we would expect
↓ Overseas wheat made new lows on the year and with our wheat market having little fresh news as influence it is fairly easy for our wheat markets to follow overseas right now
↔An improvement in exports would help take attention off overseas but lately they have only been slightly poor to moderate for wheat, last week’s exports were 386K when 500K+ is needed for support
↔Funds have shorts to cover in wheat yet but they this is the market they are least active in right now
Cattle – BB higher again easing some recent cautious trade, funds appear quiet again
↔Yesterday’s PM BB was choice +1.10 Select +0.44 packer BE at 196.07, packer cushion $8.62
↑ BB higher again taking packer profits above $8 is normally all we need to see to expect a higher cash trade for the week (again, $7 being neutral and any level above that as positive)
↔Futures are back to being $3 under priced so a narrowing of that gap is possible again
↔There have been no signs of funds in a couple days which means an easing of selling from them
↔Just like beans need more exports, cattle needs a further bounce in BB to add better support