Corn Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options: -107000

Long Term: Down Change: +4000

Overnight Trade: N -4 @7:30 AM

The corn planting pace came in about as expected with 85% of the crop planted. Some traders were expecting the number to be a little closer to 90%, but the figure is still above average and still indicates planting is nearly complete. The market was under pressure overnight, but so far it looks like the market is in for a day of consolidation trade.

Wheat Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options: -83000

Long Term:Up Change: +6000

Overnight Trade: Chicago: N -9 KC: N -8 @7:30 AM

Wheat conditions improved slightly to 45% Good to Excellent for the US winter wheat crop. Kansas was up 2 points to 29% Good to Excellent. The change in crop condition ratings is a pretty good indication that the recent rains have been helpful, but in some cases it is just too late to make a significant improvement. The market saw quite a bit of pressure overnight, which is at least partially related to the second day in a row of strong gains in the US Dollar Index.

Soybeans Estimated Fund Position

Trends – July Contract

Short Term: Down Net Long Futures and Options: -54000

Long Term: Down Change: Flat

Overnight Trade: N -2 @7:30 AM

The soybeans continue to hold just above the April lows. The market is oversold and due for some correction action, but it looks like we might see the support fail before it happens. The planting pace for the soybeans is solid at 45% complete compared with 36% on average. With the crop off to a good start it is hard to find any bullish news to work with.

Live Cattle

Trend

Short Term: Up

Long Term: Up

Opening Calls: Mixed

Live cattle futures saw follow through selling from Friday's reversal lower on Monday. June live are a full 10.00 discount to the recent cash trade. Packer margins are reported to be in great shape, with forward demand showing great interest form the retail sector. The big move up over the past two days in the Dollar is putting a damper on commodity prices in general.

Feeder Cattle

Trends

Short Term: Up

Long Term: Up

Opening Call: Mixed

Feeder cattle futures saw mostly triple digit losses on Monday, with higher corn and weaker live cattle futures weighing on feeders. The cash index backed off .85 for the day, with the May contract set to expire on Thursday. Overnight corn prices are giving back the Monday gains. Continued wet weather in the plains could make grass lands a little washy for grazing, should it continue.