Corn Estimated Fund Position

Trends – March Contract

Short Term: Up Net Long Futures and Options: 244000

Long Term: Up Change: Unch

Overnight Trade: H - 1 @7:30 AM

The corn market is still stuck in a sideways trading pattern. The market did make a good recovery from Friday’s low, but there was little movement overnight. The March corn has managed to close above $4.00 for six consecutive sessions, which keeps ideas of a move up to $4.26 alive. There isn’t much fresh news at the moment and we will most likely end up seeing more directionless trade.

Wheat Estimated Fund Position

Trends – March Contract

Short Term: Up Net Long Futures and Options: 26000

Long Term:Up Change: -7000

Overnight Trade: Chicago: H +5 KC: H +5 @7:30 AM

The wheat saw quite a bit of profit taking to close out last week, but both the French and US markets made a solid recovery overnight. There is still hope that the problems in Russia will result in more exports for the US, but it would be nice if some of those sales would actually materialize. The Dollar is making new highs, which is not supportive to the wheat, but that hasn’t been much of a concern lately.

Soybeans Estimated Fund Position

Trends – March Contract

Short Term: Up Net Long Futures and Options: 40000

Long Term:Up Change: -2000

Overnight Trade: H -3 @7:30 AM

The soybeans are still trading aimlessly. There isn’t any fresh news and it is a long time until the January supply and demand report. Unless the weather gets a lot worse in S. America or the demand doesn’t let up in the US, the market may not move much the next several weeks. Plan on sideways trade for the time being.

Live Cattle

Trend

Short Term: Down

Long Term: Down

Opening Calls: Mixed

Live cattle futures closed sharply higher on Friday, with February more than 5.00 off of Thursday's lows. Some northern trade caught a better bid after the board rally but cash was still sharply lower for the week. The on feed report was as advertised, with 101% on feed, 96% placed and 89% marketings. Placements over 700 lbs. were enough larger to keep tabs on the April time frame. Central Nebraska feedlots are reporting cattle picking up significant mud after their small moisture event this weekend.

Feeder Cattle

Trends

Short Term: Down

Long Term: Down

Opening Call: Mixed

Feeder cattle futures closed as much as 4.20 higher on Friday and will remain at 4.50 daily limits until further notice. Overnight grain prices have been very quietly trading in a narrow range. We expect some early upside follow through in the feeders, with volume being off due to the Holiday weeks ahead. Cash index levels fell .79 on Friday and were down a whopping 6.27 for the week. Cash sales will be quiet over the next couple of weeks, with some sale barns closing completely for that period.