Corn – Corn OI +2K, yesterday may have been new speculator buying more than fun to short covering
↔ With OI +2K it would suggest that yesterday saw more small speculative buying than we fund short covering, likely that Friday’s COT report sparked new small spec buying
↔ While fund short covering may have occurred signs point towards the likelihood that it was small
↑ Estimates for Friday's March crop report suggest a small carryout decline from 2.172 to 2.155
↓ First technical resistance levels are a two-month downtrend line that crosses at 432 and also the 20 day moving average which today is at 432 ¼, that downtrend line stopped yesterday's bounce
Beans – Carryout on Friday expected to go from 0.315 to 0.319, mostly neutral
↔ The March crop report on Friday is expected to be mostly neutral for beans taking carry out from 0.315 up to 0.319, we will see if recent poor exports causes USDA to lower their export number again
↔ OI down just 1K yesterday suggests that yesterday was likely not fund short covering
↓ Exports will be expected poor again on Thursday keeping a general light amount of pressure on beans
↔ There are rumors that China may soon look to be buying US corn but for now there aren't even rumors of China buying US beans which still makes sense with how much cheaper BRA beans still are
Wheat – Overseas bounced yesterday but resumed a grind of lower again last night
↓ Overseas put in a small bounce yesterday but already last night looked to resume the grind lower
↓ US wheat looks to be not following nearly at the same pace as the grind lower being seen overseas but those wheat markets are still offering occasional light spillover resistance especially to overnight
↔ Early estimates are calling for no carry out change at all for wheat on Friday's crop report
Cattle – National showlist +300, April cattle sideways for the last 4 weeks, BB still grinding higher
↔ Yesterday’s PM BB was choice +1.02 Select -0.57 packer BE at 190.97, packer cushion $8.20
↔ National showlist yesterday was +300, ave cash trade +0.21 at 182.77, both neutral news this week
↔ Most may think that futures trended higher during the month of February but the April futures actually traded sideways over the last 4 weeks with a recent low of 184.475 and a recent high 189.20
↓ Still seeing cautious trade despite reports of fund buying and a continued grind higher in BB, traders either concerned about a seasonal downturn or concerns BB may stall out its rally soon
↑ With packer profits above $8 and a neutral showlist, first guess would be for $1 higher cash this week