Corn Estimated Fund Position

Trends – July Contract

Short Term:Down Net Long Futures and Options:

Long Term: Down Change:

Overnight Trade: N -1 @7:30 AM

The corn market was very quiet overnight. There wasn’t much movement and there wasn’t much volume. There won’t be much fresh news to work with until next week’s supply and demand report and traders don’t seem to be in a hurry to add new positions so far this week. We will have the crop condition ratings out this afternoon, which should be steady to better and the weather appears to be mostly favorable, so for the time being the bears are in control.

Wheat Estimated Fund Position

Trends – July Contract

Short Term: Down Net Long Futures and Options:

Long Term: Down Change:

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

Like the corn, there isn’t much fresh news to work with in the wheat market. Crop condition ratings will be steady and the Dollar index is consolidating, so the market won’t be pushed around by those factors. The best hope for the bulls at this point are harvest delays and quality problems caused by rain and disease. It is June now and harvest activity is supposed to be ramping up now.

Soybeans Estimated Fund Position

Trends – July Contract

Short Term: Down Net Long Futures and Options:

Long Term: Down Change:

Overnight Trade: N -8 @7:30 AM

The soybeans are still in consolidation mode. The strike is Argentina should be resolved, which is weighing on the beans and meal and there is follow through buying in the oil after Friday’s huge surge. Critical support for the July beans lies at the $9.20 ½ area. Failure there will result in a move below $9.00. Rally attempts are for selling until there is a problem with the weather.

Live Cattle

Trend

Short Term: Up

Long Term: Up

Opening Calls: Mixed

Live cattle futures imploded to end the week and month, with triple digit losses across the board and retreated back into the middle of the recent trading range. Cash traded anywhere from a dollar lower to a dollar higher on Friday, with the north gaining and the south steady to lower. Boxed beef struggled to end the week and indicated that memorial demand may have been less than anticipated.

Feeder Cattle

Trends

Short Term: Up

Long Term: Up

Opening Call: 20-40 Lower

Feeder cattle futures gave up as much as 2.00 on Friday but August was still up 4.00 for the week. Todays' index numbers will be important, while corn remains pretty stagnant and non-threatening, price wise. Look for more volatility in this market over coming days.