Corn Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options:

Long Term: Up Change:

Overnight Trade: N -1 @7:30 AM

The July corn reversed lower yesterday after making a new high for the move. The market is still holding above the 40 and 50-day moving average support and will likely consolidate ahead of Tuesday’s reports. The crude oil has been on a big run lately, which might be the best supporting factor for the corn if there isn’t anything friendly from USDA.

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 -1 @7:30 AM

The wheat market was ugly yesterday. Several support levels failed in the July KW and trend indicators are pointing down. Some of the blame can be attributed to the rebound in the Dollar and some to the poor export sales report. It doesn’t matter what the weather does if we don’t have good exports. One straw the bulls can grasp at is that yesterday’s low was at the 62% retracement of the last move up, so perhaps we will get some consolidation for a couple of days above that level.

Soybeans Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options:

Long Term: Down Change:

Overnight Trade: N -3 @7:30 AM

The July soybeans continue to slip back towards the March low. Yesterday’s good demand numbers for the beans, meal, and oil weren’t enough to keep the complex supported. Fear of a big acreage estimate on Tuesday may be taking over in the marketplace. Right now the average trade guess calls for a 2.1 million acre increase over a year ago. If that is confirmed, it will weigh on the bean market for quite some time to come.

Live Cattle

Trend

Short Term: Up

Long Term: Up

Opening Calls: 20-40 Higher

Live cattle futures closed Moderately lower on Thursday, with .05-.55 losses in the front three months. Cutout values closed mixed, with demand seen moderate at best. We look for cash trade to develop no worse than steady, with higher money a reasonable possibility. The Dollar and equities are near unchanged overnight, which should allow for a better opening in the live cattle.

Feeder Cattle

Trends

Short Term: Up

Long Term: Up

Opening Call: 40-60 Higher

Feeder cattle futures closed lower across the board on Thursday, but appear ready to take back most of those losses on todays' open. Corn prices were lower on Thursday and again in overnight trade. Cash index levels continue to rise, jumping to 217.63 and stand 3.66 higher for the first four days of the week. Open interest has continued to build throughout the meat complex.