Corn – Exports expected moderate to strong (1000K – 1300K), light fund selling may be continuing
↔ Exports will be expected moderate (1000K) to strong (1300K+) on today’s weekly report
↓ Open interest was up 3K yesterday which suggests that light fund selling may be continuing
↑ Even with fund selling there is solid general support at all levels under 480, a move lower from
current levels takes good size selling and a sudden fast setback would take large selling
↔ The recent 2 lows in March were 470 ½ and 468 ¼, two levels to expect even more support
Beans – Small rains added again on morning 10 day SA maps, exports expected moderate (1000K)
↔ Exports expected moderate (1000K), a recent lack of 8 AM sales likely keeps expectations from being
on the higher side like last week’s 2134K
↓ Yesterday added rain to the SA maps and this morning a little more rain was added again, ARG now
sees light to moderate rains in the 10 day forecast and BRA sees moderate to active rains
↔ Seeing March maintain just over 1300 fair value shows that trade is concerned about talk of BRA
production losses but is also watching solid weather maps that prevent a new rally much above 1300
↔ 8 AM sales haven’t been seen since the 19th
, easing some export expectations for today’s report
Wheat – Analysts expect exports moderate around 300K but traders seem to be assuming 500K+
↔ Analysts expectations for exports are for a moderate number around 300K
↑ Recent improved price support suggests traders may be expecting strong exports of 500K or more
↔ Overseas wheat recovered slightly but is still close to year long lows and is still a factor to watch
unless a sizable bounce is seen moving away from those significant lows
Cattle – Cash trading steady to $1 higher in NE, BB suggests next week’s trade could be lower
↔ Yesterday’s PM BB was choice -0.20 select -1.08 packer BE at 174.79, packer cushion $4.07
↑ Cash trades yesterday looked to be steady to $1 higher in NE
↓ A new grind lower in BB suggests next week’s trade could be lower with futures already pricing in a
$2 to $3 cash setback, the PM BB was not as low as the AM BB but continues a 2 day grind lower
↔ Today’s trade could be choppy due to the above 2 factors with this week’s cash trade looking
surprisingly strong yet BB suggests next week’s trade could move lower again
↔ We will see if additional cash trades are seen today to offer more supportive influence