Corn Estimated Fund Position

Trends – July Contract

Short Term:Down Net Long Futures and Options: -115000

Long Term: Down Change: -7000

Overnight Trade: N -1 @7:30 AM

The corn market seems to be content to trade sideways. So far we haven’t had enough negative news for the market to make new lows, and most people feel that the crop is off to a good start so it is hard to find consistent buyers. This afternoon we will have our first crop condition ratings and that may set the tone of the next couple of weeks of trade. Confirmation that the crop is off to a great start would probably be enough to get the market to make new lows.

Wheat Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options: -90000

Long Term:Up Change: -7000

Overnight Trade: Chicago: N -2 KC: N +1 @7:30 AM

The wheat market has been quite volatile with large price swings on a daily basis. The big overnight jump in the Dollar won’t help the wheat market today. Crop condition ratings are hard to guess because rain is good, but disease pressure is bad. The combination will likely leave the ratings near unchanged. The bulls need the July

KW to stay above $5.33 to keep the bears on their toes.

Soybeans Estimated Fund Position

Trends – July Contract

Short Term: Down Net Long Futures and Options: -60000

Long Term: Down Change: -6000

Overnight Trade: N +1 @7:30 AM

The July beans haven’t taken out Friday’s low, but that seems inevitable. It is hard to come up with much bullish news for the soybeans. We have plenty of beans and the new crop seems to be off to a good start. Expectations are that stocks levels will grow and it will take a weather problem or a huge increase in demand to change that. Unless the weather turns bad, any rallies are for selling.

Live Cattle

Trend

Short Term: Up

Long Term: Up

Opening Calls: Mixed

Live cattle futures closed mixed on Friday, with the front three months modestly lower and deferred contract posting moderate gains. The market action was mostly related to the release of the months cattle on feed report, which showed significantly smaller placements than expected (95%) but was in line with small marketing expectations (92%). Meat clearance for the holiday weekend will be monitored today, as well as new showlist numbers. Placement of over 800 lb cattle was once again larger than a year ago, which could push a few more cattle into the August timeframe.

Feeder Cattle

Trends

Short Term: Up

Long Term: Up

Opening Call: 10-30 Lower

Feeder cattle futures had a strong day on Friday, posting triple digit gains after seeing the lower than expected placement number. For the week August feeders gained .50 and remains in an up trend. Corn was .05 lower for the week and is off another penny or two overnight. Another week of range bound trade could be in store for the feeders, with August finding resistance near 220.00 and good support near 215.00.