Corn Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options: +9000

Long Term: Up Change: +8000

Overnight Trade: N Unch @7:30 AM

The corn didn’t have much movement overnight, but there was decent volume. There was enough strength at one point in the session to make a new high for the move, so the charts are still looking positive. The next major hurdle for the July contract is the February high at $4.07 ¼. We will have to see a move through that level to encourage any major buying.

Wheat Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options: -58000

Long Term:Up Change: -5000

Overnight Trade: Chicago: N -3 KC: N -1 @7:30 AM

The wheat traded both sides of unchanged overnight and finished the session near the lows. Trend line support in the July KW contract is around $5.62, which is a good downside target for the next couple of days. Traders will be watching the rainfall totals in the HRW Belt the next few days to get an idea on what crop condition ratings will do on Monday.

Soybeans Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options: -24000

Long Term: Down Change: Flat

Overnight Trade: N -1@7:30 AM

The July soybeans are consolidating just below the 40 and 50-day moving averages. There isn’t too much incentive for a major move ahead of next week’s reports, so look for more sideways trade. Tomorrow’s export sales report will be important as well. The bears need to see poor sales numbers to keep the threat of USDA lowering ending stocks away.

Live Cattle

Trend

Short Term: Up

Long Term: Up

Opening Calls: 20-40 Higher

Live cattle futures continued to be led higher by the spot April contract, posting .65 gains in the front month on Tuesday. Boxed beef prices posted solid gains, with demand showing improvement on domestic and in the frozen exports. We are seeing asking prices of $165+ in the south and $264+ in the northern beef market. Open interest was up on Tuesday but smaller increases than the previous days.

Feeder Cattle

Trends

Short Term: Up

Long Term: Up

Opening Call: Mixed

Feeder cattle futures closed lower, with the exception of the expiring March contract. The cash index climbed .63 higher for the day, and could work its way over 217.00 for settlement to the March futures. Corn continues to work higher, keeping a bit of a lid on feeders. Another mixed opening and two sided trading day is expected.