Corn – Overnight following yesterday’s day session trade, will see if cash selling resumes after 8:30
↑ OI down 34K again suggests funds were short covering yesterday as they have done all week
↓ We will see if cash selling comes in again after 8:30, this will be the last day for producers using deferred pricing to make cash sales
↓ The round number of 400 is highly likely to act as major resistance today
↑ Exports have improved and they are supportive on Thursdays, we will see if trade starts to put better support in on other days but it is more likely most traders are focused on yield right now
Beans – Also likely seeing spillover support from yesterday, yesterday's exports were very strong
↑ Yesterday’s exports were very strong coming in at 2533K, that was even above trades already lofty expectations and was the highest sale for that particular week in history
↑ Overnight Nov moved above 1000 and also took out the downtrend line mentioned in yesterday's comments, next resistance would be the 38% retracement which is at 1059 ½
↔We will see if the recent improvement in exports causes funds to speed up their short covering
↔All cold streaks that were in yesterday’s 15 day forecast were removed this morning
Wheat – Fund short covering may have slowed but still was seen yesterday, exports strong
↑ Fund short covering continues although yesterday showed signs that it may have slowed
↑ Exports were finally strong at 543K, strong exports helps separate US wheat from following overseas
↔Frist light resistance on a bounce for Dec CHI would be 560, larger resistance is up at 574 ¾
Cattle – BB calm yesterday but still on 90 day lows, most cash trades +$1, packer profits still “ok”
↔Yesterday’s PM BB was choice +1.37 select -1.44 packer BE at 192.04, packer cushion $8.72
↔Trade showed clearly yesterday that focus is on boxed beef as more traders followed the move in that market than the cash trades reported yesterday, trade is using BB as a guide for what to expect next week and further out
↑ Cash trades were mostly +$1 yesterday, if BB can put together a bounce, more traders will add support due to this strong trade
↔Packers paid higher cash just as expected with this week’s “high” profitability, packer profits remain over $7 even on the lower BB so as long as BB doesn’t continue lower, next week cash is still likely solid