Corn – Weight from beans, exports are expected strong tomorrow, haven’t seen 8 AM sales recently
↓ Beans are offering spill over pressure again, similar to what we saw last week
↔Last week saw larger support pick up around 430 in March, that is where we would expect it again
↑ Exports are expected strong tomorrow which may help to limit following beans lower today
↔There has not been an 8 AM sales announcement for corn since Wednesday, normally that would not be too concerning but with trade fearful of an export slowdown it could cause pressure soon
↔Last week’s ethanol report was a record, we will see if today’s report will top that number of 1113K
Beans – Export fears resume, tomorrow’s weekly report likely to be poor, Jan near chart support
↓ Export fears are kicking in again, especially with overnight traders, while we have seen a couple small 8 AM sales of beans we have not seen one to China/unknown since Thursday
↓ Tomorrow’s weekly sales are likely to be disappointing which could lead to pre selling today
↑ Jan is near recent chart support in the 990 area, last week’s low was 986 ¼
↔SA weather remains mostly a non-issue, BRA continues to see active rains in the forecast and while ARG continues a bit drier, there is no call for lasting dryness there
Wheat – Overnight reacting to a US dollar bounce, exports expected moderate to poor tomorrow
↓ The US dollar found an active bounce last night which likely sparked overnight traders to quickly react with selling, the dollar bounce did not take out recent highs but it was an active move
↓ Trade will likely expect moderate or poor weekly sales tomorrow, could cause some pre selling today
↓ Even after the recent 3 day bounce the longer term trend on the chart is still a grind lower
Cattle – BB lower, $1 lower cash trade seen, futures expand optimism further priced $3.50 over cash
↔Yesterday’s PM BB was choice +1.51 select -3.54 packer BE at 184.37, packer cushion -$0.80
↓ Yesterday saw light trade in NE at 184 which is $1 lower for that area
↓ BB turned yesterday afternoon to being lower again (just as we saw the last 2 Tuesdays)
↓ Packer gross profits at -$0.80 suggest it is at least possible for packers to try to bid another $1 lower
↑ The speculative buying euphoria continues, futures finished yesterday priced $3.50 over the cash trade level that was reported, very rare to see buying after a confirmed lower cash trade
↔It is possible funds are still buying cattle but there are no outwardly clear signs of that