June 30th Wed. USDA Grain Stocks and Planted Acreage Report also Last Trading Day June Cattle
Cattle on Feed Report
on feed 100% vs. est. 101
placed 95% vs. est.95
marketing 123% vs. est.123
Spring Wheat 89%
Winter wheat 28%
Supreme Court ruling allowing EPA to grant small refineries waivers added pressure to Corn, soybeans and Bean oil (biofuel) with Fridays trade.
Weather / no real heat the next 7 days with chances of rain each day somewhere.
West is still dry and the Eastern Corn belt starting to see too much rain
Possible nitrogen loss in fields
Report day sell the rumor BUY the fact…we will see
DTN Monthly Chart using Sept Corn
Support 524.75 then 490 and 475.25
Dec. Corn support 505.50
Gap down at 480.75-477.50
Monthly Chart using Aug. Beans
support 1290 then 1248.50 and 1172.25
Nov. Beans support 1243-1236 and 1211-1196
100 day ma. 102.42
IMHO we still can see a weather rally in grains.
Off the report this coming week might be a time to BUY calls for such and event.
In need of a broker change please keep me in mind and call or fill out page on the web site