Corn – Exports expecting a bounce back from last week’s disappointing 682K, low volume expected
↔Exports will be expected to bounce back closer to a moderate level around 1050K today
↔Wednesday’s session saw a pullback in volume of trade, today should likely be even slower
↔↑ Morning maps have regular moderate rains and average temps days 1 – 5 then a drier pattern west with heat moving in days 6 – 10, most of the dry/warm conditions stay west of the MS river
↔It’s likely most traders will wait to see Monday’s weather map update before reacting much but some support may finally be seen if the west is hot/dry for a couple days
Beans – Exports expecting a bounce back from last week’s poor 385K, more bean oil support?
↔Exports will be expected to bounce back to a more moderate number today of 400K – 600K
↑ Large scale short covering in bean oil has lifted that market and spilled over to beans for 3 days running now, we will see if that pattern continues today
↔Nov has already reached its fair value level of 1100, much better support expected at that level
↔Short term weather maps are likely to have more impact on corn but all traders will be watching closely to hear any talk of how long range forecasts are looking out to August
Wheat – Hedge pressure easing, RU headlines now causing light pressure, exports expected moderate
↔Exports will be expected moderate at 300K – 500K today
↓ Russian headlines have mentioned strong early harvest yields adding light pressure to our wheat
↔Local harvest pressure already looks to be easing taking away much of the recent selling pressure
Cattle – BB set back Wednesday, still strong, cash bids ended Wednesday at 197 in NE
↔Wednesday’s PM BB was choice -0.55 Select -2.10 packer BE at 201.36, packer cushion $10.83
↔Wednesday’s BB eased but is still at a very strong level with packer profits still near $11
↔Packers are bidding cash $1 lower than last week but so far these are bids, not trades
↑ Futures are still pricing in a $1.50 lower cash trade, even if the weekly average is $1 lower futures are still priced too conservatively, futures seem cautious that the BB rally may end any day
↔Some analysts are calling for a BB setback next week, while anything is possible, we don’t agree with the reasons they are calling for an end to the BB rally, we should simply keep a close watch on it