CORN: Corn futures are firm with row crop futures hovering around their first layer of resistance at their respective 10-day MAs. There are no real crop issues, so other than technical short-covering, it may be tough for prices to rally. Dec corn is at 3.62-1/4 after posting a contract low at 3.50-1/4 last week. Weekly Ethanol Stats will be out today, exports tomorrow. Crude is down 71 cents and the dollar, up 27 points, is poised to make new highs.
SOYBEANS: Soybean futures are 3-3/4 cents higher in Nov beans to 8.59, underpinned, technically, by Monday's bullish reversal day. The soybean trend is bearish, but the bulls are attempting to generate a counter-trend rally phase following the recent price slide. Since May 30, Nov beans fell from a top at 10.43-3/4 into Monday's low at 8.26-1/4, which is now support. That represents a steep slide over the past six weeks and the market is vulnerable to a consolidation or correction phase. On the upside, Nov beans are testing initial 10-day moving average resistance.
WHEAT: Wheat futures are up 3 to 5 cents. Sep CBOT wheat is at 5.01-3/4 and above the 10, 20, and 200-day moving averages, which is a positive short-term trend signal. Since June 19, the contract has been consolidating in a neutral range between major resistance at 5.16-1/4, the July 6 high and major support at 4.71-1/4, the July 11 low. Sep KC wheat is up 3 to 4.93-1/4, Sep MPLS wheat is up 2 to 5.35-1/4.
CATTLE: Cattle futures opened mixed ahead of today’s Fed Cattle Auction with Aug live cattle up 0.225 to 106.675, Oct steady at 108.500, and Aug feeders up 0.200 to 151.675. The next Cattle on Feed report will be out on Friday afternoon.
HOGS: Hog futures are weaker to start the day with new contract lows in the nearbys. Aug is down 0.275 to 676.250. Jul hogs are down 0.150 to 67.750, and Dec is down 0.125 to 47.350.