Corn – Trade slowing as expected with harvest past 80%, 8 AM sales news slowing as well
↔A general slow down in trade is occurring now that harvest is past 80%, as we normally see
↔8 AM sales slowed on Monday’s announcement and no 8 AM sales were seen yesterday, this is not a bearish factor but for another bounce traders will want to see demand pick up again
↑ Ethanol will be expected strong today, last week’s report improved further to 1081K
↑ Strong support seen around 410, as expected we are seeing buyers move their orders higher this week, especially those who missed buying last week
Beans – Finding better support under 990 but nothing as solid as corn yet, 8 AM sales slowed
↔There are currently rumors of China buying 10 cargoes of beans (may have supplied overnight support) but we will need to wait to see if any of this is confirmed at 8 AM
↔While exports have improved they have never been as strong as corn which directly explains why beans are closer to contract lows (973 ½ Jan) than corn is
↓ With beans comes election concerns, uncertainty in any market typically attracts at least light selling
↔SA maps still show no signs of concerns in the 10 day outlook, we can say the rainy season started a week late but other than that there has been little concern from that area
Wheat – Now in the middle of a 4th week of a very slow grind lower, HRW rains still in the forecast
↓ All US wheat markets have been on a very slow grind lower the last 4 weeks which is continuing
↓ Some light selling may be due to the back to back major rain systems that still have wide coverage of 1 ½” with a 2 state wide area seeing 2 ½” to 10”
↔Like beans, exports have improved but are not to a truly exciting or rallying level yet
Cattle – First cash bids seen yesterday of 190 in NE, BB down enough now to suggest a setback
↔Yesterday’s PM BB was choice -2.89 select -2.22 packer BE at 193.86, packer cushion $3.66
↔A solid cash bid late yesterday in NE at 190 (last week average for NE was 190.37)
↓ BB fell to a level low enough to now call the move a setback and has taken packer profits under $4
↔As of today the cash outlook for this week looks solid with a starting 190 bid but the BB suggests next week may be a different story unless BB turns around
↓ More resistance can be expected near the 6 month high of 190.075 and sure enough yesterday’s high was 189.80, it is likely to take significant strong news to take out the 6 month high level