Corn Estimated Fund Position

Trends – July Contract

Short Term:Down Net Long Futures and Options: 42000

Long Term: Down Change: -4000

Overnight Trade: N Unch @7:30 AM

The corn is still trading sideways. Since we didn’t get much movement after the supply and demand report, it looks like this market is remain stuck in this pattern until we get to the Quarterly Stocks report and Prospective Plantings report at the end of the month. Keep playing the range for the time being. Buy the dips and sell the rallies.

Wheat Estimated Fund Position

Trends – July Contract

Short Term: Up Net Long Futures and Options: -52000

Long Term: Down Change: +5000

Overnight Trade: Chicago: N +4 KC: N +4 @7:30 AM

Wheat was the upside leader overnight. It doesn’t look like any of the contracts have been able to take out yesterday’s high, but they are close. The Dollar is back up today, which may be detrimental, but the charts are certainly looking better after the recent strength. The next objective for the July KW is $5.62.

Soybeans Estimated Fund Position

Trends – July Contract

Short Term: Down Net Long Futures and Options: -3000

Long Term: Down Change: Unch

Overnight Trade: N -5 @7:30 AM

The July soybeans are still in consolidation mode, but are at the bottom end of the recent range. The soybeans have the greatest risk of making another leg lower because of the large stocks that we have. Another week of poor export sales would be very bad for the bean market. Look for the July beans to head to $9.67 eventually.

Live Cattle

Trend

Short Term: Up

Long Term: Up

Opening Calls: 10-30 Higher

Live cattle futures closed narrowly mixed on Thursday, with no contract more than .30 higher or lower and cash trade mostly untraded. Cattle feeders have been winning these Friday battles lately, and will be favored to see better cash trade again today. Bids are steady with week ago trade, while asking prices of $163+ in the south and $263+ in the north await. Outside markets are modestly negative, with the Dollar higher and equities soft. Choice select spread is flat, validating the record high percentage of choice meat being produced this winter.

Feeder Cattle

Trends

Short Term: Up

Long Term: Up

Opening Call: 20-40 Higher

Feeder cattle futures were narrowly mixed in the front two months, with deferred contracts moderately higher. Corn prices are modestly lower overnight and just 2 cents higher for the week. The cash index is the leader this week, gaining 6.27 in the first four days of the week, with more expected today. Short term moving averages on the index chart have turned higher for the first time since mid-January.