- Markets trading lower overnight in a quiet trade with no new concerns with the South American weather outlook.
- The CFTC report will be out this afternoon with expectations for new fund selling to show up in corn and wheat.
- China reportedly booked 15 cargoes of soybeans last week.
- Cash grain market still showing some signs of firmness.
- Corn technically testing support at the recent lows near 3.40. Resistance at 3.45.
- Soybeans technically violating the bottom end of their upward sloping channel. Support at 9.30 and resistance 9.90.
- Wheat technically range-bound with support at 4.20 and resistance 4.30.
- USDA reported 135,000 MT of soybean meal to the Philippines for 2017/18.
- Northern Brazil caught rains over the weekend with more expected this weekend/next week.
- Argentine weather is dry to allow planting progress.
- Overall, no new problems in South America.
- No big problems in South America now will keep buyers in the soybean market at bay.
- Corn has large supplies, and unless the carry starts to come out of the market, will have a hard time finding buyers. If there is a reason to rally, the managed fund short is huge and needs to be rolled out of the December 2017 contract in the next couple weeks.
- Soybeans will likely follow South American weather developments, and for the time being, there are no problems.
- Wheat likely follows corn.