Corn – Signs fund buying picked up again, exports expected moderate, ARG cut corn export tariff
↑ Open interest was +32K which is a sign fund buying picked up the pace again yesterday
↓ The ARG export tariff cut is likely to be seen as larger bean news but does apply to corn as well, ARG cut corn export tariffs to 9.5%
↔ Exports expected around 1200K, for corn that would be considered moderate
↔ Profit taking may not be seen during the day session as overnight has already given back all gains seen this week, March corn settled last Friday at 484 ¼
↔ Will see after 8:30 if fund buying comes in again, it looks like they have bought every day this week
Beans – ARG cut export tariffs, ARG rains start Sunday, totals slightly higher, exports exp moderate
↓ ARG lowered their export tax from 33% to 26%, making their beans even lower cost to importers
↓ Needed rains for southern ARG start up Sunday with totals slightly increased, could see pre selling
↑ Exports are expected around 1200K which for this time of year would be slightly strong
↓ Some Friday profit taking could be seen, March beans finished last Friday at 1034
↑ It did look like beans found fund buying yesterday although much smaller than their corn buying
Wheat – Overnight follower of corn/beans, exports expected moderate, cold moves out today
↓ Wheat is an easy follower of corn/beans in overnight and did so again last night
↔ Exports expected at 400K which would be considered moderate
↔ Cold temps move out today and there are no cold threats in the 10 day forecast this morning
Cattle – Cash trade in NE at 204.50, weights higher not lower as expected, BB continues lower
↔ Yesterday’s PM BB was choice -1.06 select -0.78 packer BE at 205.79, packer cushion $4.69
↔ It may have been expected the cattle weight report would drop due to weather but it was +3 lbs
↓ The only cash trade seen yesterday was a 204.50 in NE, while being $1 higher on the week, trade had expected and pre priced in a $2.50 higher cash trade by yesterday’s close
↔ BB has slowly set back 4 days in a row, not yet concerning but may be keeping packer bids low
↔ Today’s COF report is expected slightly bullish with On Feed expected 99.6, Placements 100.0, Marketings 101.3, it is the marketings number that looks slightly bullish as placements are neutral
↔ April moved over $200 yesterday, this leaves no other chart levels to mention now that the lead contract of cattle is above $200 and at all time highs, any higher targets would simply be a guess