Corn – Overnight buying stopped shortly after fund buying did, improved support expected at 400
↓ Shortly after the fund short covering stopped so did overnight support
↓ Harvest pressure not only continued yesterday but looked to pick up speed
↑ Dec may fall under 400 but better general support is expected to step in around that level
↔ After spending 2 weeks above 420 fair value we may see harvest pressure press Dec back under 420 for a while but unless there is a true change in fundamentals, it wouldn’t be expected to go too far
↓ Overnight may have been caught up in some macro selling, crude is down around $3.50 this morning
Beans – Harvest pressure #1 factor now, SA rains now quite active for BRA/ARG, fair value 1015
↓ Like corn, harvest pressure may have picked up once price started to slide, those who were waiting to see how high price could go may now be selling before it sets back too far
↔September crush is out at 11 AM today and is expected at 170.331 million bushels
↓ There isn’t reason for those looking ahead to start buying on SA weather maps, those 10 day maps now have more rain than seen in months, the monsoon season is underway, just started a week late
↔Like corn, beans may fall under 1015 fair value for a while during harvest, next expected chart support is not seen until 955 but better general support is expected anywhere under 1000
Wheat – A little more rain added to HRW areas this morning, talk that Russia has a better forecast
↓ HRW areas have another small increase of rain in the forecast this morning on the 10 day maps
↓ Forecast maps also added some rain for Russian areas that needed to see it
↔Exports should provide support but that is more likely most weeks on Thursday/Friday
Cattle – Showlist -900, BB higher, fund buying looked lighter yesterday but did appear to continue
↔Yesterday’s PM BB was choice +2.10 select +0.38 packer BE at 191.27, packer cushion $4.31
↑ Funds may have been a bit slower yesterday but there were still signs of fund buying
↑ Boxed beef is doing just well enough to continue assuming $1 higher cash each week
↔October futures don’t have much time left for being priced over cash but all other contracts do, we may see October sperate away from all other contracts like we saw yesterday
↔Last week’s high for Dec cattle was 188.55, the first upside resistance target on the chart now