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Planting Progress: The latest planning numbers indicate that corn planting is slightly ahead of the average at 6%, while beans are right on track at 3%. Despite some active rains in the forecast for the next few days, the overall outlook suggests that planting should continue at a fairly average pace.
Market Insights: In terms of market trends, both corn and beans are experiencing pressure from cash selling, with corn trading between 440 and 450. While there's resistance on bounces, the market hasn't dipped below the 440 support area for July. Beans, on the other hand, saw a slight increase in open interest, indicating some fund selling but still heavily influenced by cash selling.
Wheat and Cattle Updates: Spring wheat planting is in line with the average, and the hard red winter wheat rating remains strong despite a slight decrease. KC Wheat is showing better support compared to Chicago Wheat. In the cattle market, there are signs of fund buying, with funds re-entering positions they had previously liquidated. The show list is down, suggesting a potential for higher cash trade, but box beef prices may impact the actual outcome.
Closing Thoughts: As we navigate through the week, keep an eye on planting progress, market trends, and potential shifts in the cattle market. If you have any questions or need further information, feel free to reach out to our office. Stay updated with our online posts, and we'll catch up with you again soon for more insights and analysis.
