The Grain Report

More Reports

Robert Short — 2012-07-11T14:54:00Z

MORE REPORTS. Our first report came out Monday at 10 AM central time with the weekly export inspection report. For corn 22.8 million bushels were inspected to be shipped near-term about unchanged from last week's 22.3 it's consistent with the four-week average and shows that there's at least some demand even at lofty prices. Soybeans showed 18.9 million bushels will inspected to be shipped near-term up sharply from 14.6 last week and well over the four-week average. Of the total China was in for 10.7 million bushels versus 5 million last week and the three prior weeks of 4,3 and 7 m.b. China's desperate need for high protein vegetable oil crops has them buying even as the market makes new highs for the year. Note, last week. China was in one day for 1.9 million metric tons the fifth largest single daily purchase. Monday at 3 PM central our crop condition report came out. Corn came in at 40% in good to excellent condition, versus 48 last week and 69% a year ago. The driest areas in the Eastern grain belt read like this. Illinois 19% good to excellent, down seven, Indiana 12% down six, Missouri 12%, down six and Ohio 28%, down five from the week prior. Dry weather this week looks to have another cut in condition on Mondays update. The Western grain belt fared about as bad with Iowa 46%, down 16% from the week prior and Nebraska 47% down nine. Kansas 19%, down seven, should have fewer and fewer people thinking that with the wheat harvest winding down in Kansas that growers will risk double cropping by planting soybeans in such dry soil. Soybeans conditions were 40% good to excellent versus 55% last week and 66% a year ago. Illinois 20%, down eight, Indiana 14% down six, Ohio 27% down two and Missouri 13% down five. Western grain belt is trying to catch up with Iowa at 48% down 11 and Nebraska 41% down four. Like corn, expect beans on Mondays update to show further declines in the condition. The finale report was today's USDA monthly crop production report. All eyes were generally on the ending stocks numbers for the 2012-13 crop season which begins September 1 and ends August 31, 2013. Corn ending stocks were put at 1.183 b.b. down from 1.881 last month due to a cut in yield from 166 bushels per acre to 146 bushels per acre. Feed use was cut, but consider this, beans stocks are heading lower so expect more corn in the feed ration because of the high price of soy meal as exporters push more soy meal into the food ration in the European and Asian markets. Soybeans ending stocks came in at 130 million bushels a 10 year low versus 140 last month. They raised exports 5 million bushels and the crush up a 15 m.b. Certainly a very friendly number near-term and bullish long term, but I suggest it's probably a little conservative. After pushing corn and soybean prices sharply higher after the report pricing in the bullish numbers ,corn and soybean prices fell to down on the day. This was easy to call. On two fronts. One, trend following funds have taken profits after every monthly crop report this year and 10 of 12 months last year, as taking profits and paying month-end bonuses on profits taking is a regular practice. Two, WXRISK.com the weather site expects rain over 45% of the Midwest grain belt next week. There is certainly time to dry this rain up and take it out of the forecast but if the rain totals come in as expected it will be very timely for the last two weeks of the silking stage for corn and the beginning of the pods sending stage for beans. Worst-case scenario for December corn would be a pullback to about 6.22 and soybeans 14.85. Because we don't have another supply side concerning report until August, the market now reverts back to weather as the primary pricing source. Tim Hannagan pfg

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

ACRES…………….

Tim Hannagan — 2012-06-29T14:54:00Z

ACRES……………. The weekly export sales report Thursday for corn showed 291,000 metric tons was sold the week prior. It's clear that our government is slowing exports near-term until the crop yields are some what determined at the end of July as the current drought shows no sign of stopping. Last year spring floods and hot dry July coupled with the overly aggressive export pace left us with ending stocks this year of 851,000 metric tons or about a 50 day supply. So expect slow exports to show up until August at the earliest. Bean exports for the week were 792,000 metric tons old and new crop year combined. China was in for 400,000 of the total versus the two prior weeks of 535 and 740. It suggests a slowing of demand but with South America sold out, the US is the world's sole port of origin to buy beans from, so demand remains good. Weather remains 90% of the pricing for futures as we move through pollination, corns yield development time and mid-July through August 10 for beans key pod setting stage when yields are made or lost. In the big picture we look to continue warmer and drier than normal. It's been that way since last winter. But each weather update has some rain in the forecast and traders will trade each update as it adds or subtracts rain from the forecast. Rule of thumb for Sunday night openings. If we open higher we close higher. If we open lower, we close lower. Trade on that rule. When we enter the new month we also have to be aware that every month this year we traded higher as the month started into and before the release of the monthly USDA crop report, out on the ninth through 11th of each month. Reason, expectations that demand and usage will further cut ending stocks inventory. This report too, will further cut inventory as early-season drought should have traders looking for a lower yield estimate and production. Friday's USDA final planted acreage report showed 96.400 million acres of corn was planted up from the March report of 95.864 and the average pre-report estimates of 95.962. Bean acres were 76.100 versus the March report 73.902 and the average estimates of 75.575. Corn and beans were up $.12-$.15 when the report was released, then dropped to down $.12-$.15 as numbers were higher than expected, but only slightly. In large, the numbers were in line with the range of estimates. Next, the weather traders came in and bought the break driving corn and beans 20+ cents higher before settling back at midsession. Weather longs sold out yesterday ahead of the acreage report. Traders quickly said it's not what you plant but what you grow, how's the weather. Right now all weather models have some rain over the weekend of .50 to 1.3 inches largely over Wisconsin, Iowa, central and northern Illinois and Indiana. The driest areas of Southern Illinois, Indiana and Missouri will stay dry. 60% of the grain belt gets a marginal drink 40% gets worse. The 6 to 10 day Outlook lacks any heat dome effect but remains warmer than normal with drier than normal conditions. Should weekend rains fade, look for higher trade to start the week. It's all about the next weather update but keep in mind were in the sixth consecutive month of above normal temperatures and below normal rainfall. We have to assume the same in July, which normally is a wet month. Should July finish like June, 8.00 dollar plus corn and 17.00 dollar plus beans will occur. Reminder, I will be out of my office July 1 to 7. Tim Hannagan pfg

ADDED HEAT………..

Tim Hannagan — 2012-06-26T14:54:00Z

ADDED HEAT……….. Markets had no problem pricing in this week's weather with corn up$. 40, beans and wheat $.50 Monday. We closed last week higher on the week on lack of rain cutting probable quality conditions. But Saturday's weather models took the cooler weather for this week, added a heat dome for Wednesday into Saturday and dried-up any measurable rain expected. This led to sharply higher trade as Sunday electronic trading opened and continuing into Monday. Corn was up limit as corn will have one third of its crop in its key yield development time when yields are made or lost. Weather and its effect on yields will have a much more accelerated effect both ways now on futures. Monday's 3 PM central time weekly crop condition report put corn at 56% good to excellent condition, versus 63 the week prior, 68 a year ago and down for the third consecutive week. Big losers were as expected in the Eastern grain belt with Illinois 37% good to excellent down 15, Indiana 27% down 10, Missouri 34% down 6 and Ohio 51% down 2. With Western grain belt states over the national average traders will over emphasize weather in the Eastern grain belt. Beans came in at 53% good to excellent versus 56 last week, 65 ayear ago and down for the third consecutive week. Big losers were Illinois 35%, down 12, Indiana 24 down 8 and Missouri 26%, down 3. WXRISK.com the AG weather site has a heat dome centered in the Midwest Wednesday through Sunday. Very high heat with only light rain mostly in the western grain belt. Next week looks warm, but no high heat and .75 to 1.50 inches of rain with 70% coverage in the Midwest. After opening higher Monday night off the bullish crop condition report declines, traders took profits. But new players enter Tuesday pushing us to new highs on corn and then more profits taken before settling stronger on the close. Traders have exhausted the weekly news of little to no rain, hot temperatures and the condition report. You can't get any drier or hotter, so fear is weather could turn cooler and wetter even if only mildly and force more profit-taking especially with the uncertainty of Friday's planted acreage report. Should forecast remove next weeks chance of rain, grain will make new highs very quickly. Friday at 7:30 AM central time the USDA releases its final planted acreage numbers. This report could lead to sweeping moves upon its release, so be cautious here. Should the report come and go without any surprises, we will look to be long into the weekend if weather reports suggest. My general opinion is we will continue warmer and drier than normal. As has been the pattern since last October to date. This will push December corn to 6.40 and November beans 14.75. Note, I will be out of my office next week July 2 through July 6 and no grain report. Technicals read like this. December corn support is 5.96, 5.80 resistance 6.40. November bean support is 14.00, 13.75 resistance 14.75. September wheat support 7.30, 7.20 resistance 7.80.

Exports Slowing(2)

Robert Short — 2012-06-22T14:54:00Z

EXPORTS SLOWING……………… Thursday's weekly export sales report showed old crop year corn exports at 171t.m.t.. and new crop year 210 t.m.t. China was in for 19 t.m.t of the total. The past three weeks have confirmed that our government has importers backing away from old crop year export deliveries and largely going new crop year. But the new crop your sales are shrinking somewhat as importers may be waiting for key crop yield time to pass in July before they enter for needs hoping timely rains during pollination for corn brings lower cash bids. The lower cash prices this week suggest US exporters are hearing from importers they will be patient. So we might expect a slower export pace until late July when corn yields will generally be determined as pollination winds down. Bean exports were 163 t.m.t. old crop year delivery and 444 t.m.t. for new crop year delivery after September 1. China was in for 101t.m.t. old crop year, and 430 t.m.t. new crop year. The last two weeks China has been going away from old crop where they were very active and piling on new crop year delivery, a pattern were seeing in corn. In part due to new crop prices being cheaper. Next weeks weather is seen by WXRISK.COM the AG weather site with dry conditions into early Wednesday then possibilities of a Midwest grain belt rain late Wednesday into Thursday. Right now rain totals look like light with most areas with .10 to.75 inches. Northern Illinois could see up to 1 inch. This if holds, would see higher prices to start the week as it's similar to this week where late week rain totals were light leading to thoughts that Monday's crop condition report will show further declines. But then expected a profit-taking break ahead of Friday's big USDA planted acreage report. Traders won't risk weather profits on the acreage report. Rule of thumb, a higher opening on Sunday means a higher close. A lower opening, a lower close. Those trading the Sunday night opening range have professional weather services. If they are buying it's because Sunday's weather Outlook for the week looks dry, or selling means more rain has entered the forecast. Note, I will be out of my office July 2 through July 6, so no crop reports that week. Technicals read like this. December corn support is 5.50, 5.36 resistance 6.76, 6.84. November bean support is 13.70, 13.50 resistance 13.95, 14.75. September wheat support is 6.60 resistance 7.04, 7.30.
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Exports Slowing

Robert Short — 2012-06-22T14:54:00Z

Week to Week

Robert Short — 2012-06-19T14:54:00Z

WEEK TO WEEK…………………. With weather and its impact on yields being 90% of our daily and weekly pricing influence, were seeing huge weekly ranges. Last week's wet forecast broke beans $.50 corn $.34. The week prior dry forecasts had corn up $.44 and beans up $.95. So far this dry week with corn up $.55 and $.80 on beans. Looking back six weeks with 2 wet weeks and 4 dry weeks, the dry week rallies are 35 to 50% greater than the wet week declines. This comes from the fear that current tight corn stocks and historically tight bean stocks next year has fear of price rationing entering should the dry trend continued through July. The National Weather Service records have 2012 as the warmest on record and the top 10 driest. One can only assume it will continue near-term and that being into July. Weekly swings are so large, whether up or down, you cant trade long-term but week to week. So if by Friday all the weather models see the next week as cooler and wetter, you need to go short and expected a down week. Another hot or cool week but no rain, you have to go long expecting a further increase in the weather premium being built-in. It's one week at a time. Monday's crop condition report put corn at 63% good to excellent condition, down 3% from the week prior, 70% a year ago and 10 year average of 68%. Eastern grain belt with the lowest Midwest ratings read like this. Illinois 52% down 4, Indiana 37% down 12, Ohio 53% down 11 and Missouri 40% down 3%. Eastern corn belt rainfall this week has 40% coverage of .10 to .65 inches. Western corn belt 60% .25 to 1.00 inches of rain. This will occurred late Wednesday into Thursday, but it's too little to improve conditions. With the high heat into Wednesday conditions look to decline further. Bean conditions were 56% good to excellent versus 60 last week, 65 the week prior, 60 a year ago and 10 year average of 66%. Western grain belt Iowa 61% down 1, Nebraska 61% down 3, while suffering Eastern grain belt worse with Illinois 47% down 3, Indiana 32% down 13, Ohio 40% down 14 and Missouri 40% down 14. It is early with the key pod setting stage weeks away but the market trades it like were in the key yield time as low ending stock reserves allow no growing season problems. As of today Tuesday, next week in the Midwest will be cooler with two key weather models calling it drier but some models wetter. It's too early to trade next weeks weather, but it's a starting point going into Friday when next weeks trading decisions are made. Technicals read like this. December corn support 5.50, 5.38 resistance 5.76, 5.82, 5.90. November beans support 13.70, 13.35 resistance 14.00 then 14.70. September wheat support 6.60, 6.44. Resistance 6.76 then 7.10.

Future Thoughts

Robert Short — 2012-06-15T14:54:00Z

FUTURE THOUGHTS……………………. Thursday weekly export sales report showed old and new crop year bean sales at 1 million metric tons with China in for 740 t.m.t. of the total. No surprise here as China's business was reported daily confirming the sales prior of the report. But it does confirm a continued aggressive buying pace by China for old and new crop your delivery. China's old crop your purchase was 261 t.m.t. and new crop year 470 t.m.t.. Prior to this week China was more active in the old crop year business to be delivered before September 1, as they filled the hole that was left from the drought in Argentina and Brazil, the world's number three and two biggest bean producer exporter's. But with November new crop year futures $.90 under July old crop year futures and the new marketing year only 75 days away, we may see more exports for new crop year now. This would lead to even bigger cuts ahead for our 2012- 13 ending stocks, already dangerously low. Corn export sales suggest much of the same. Old crop your sales were 92 t.m.t. a marketing year low and new crop year 77 t.m.t.. Were seeing the old crop year high prices just over 6.00 versus new crop your December at just over 5.00 too expensive leaving demand at hand to mouth as needed. With a record crop expected importers appeared to be waiting for even lower new crop your prices before loading up. Most market talk has China filling their corn needs starting September 1. Putting aside any near-term weather rallies. Look for the harvest corn lows to occur early in the harvest as demand will strengthen prices into the last half of harvest. Reason, demand for cash corn purchases will explode as importers like China, feeders, users and ethanol producers will buying all they can at the low value knowing that planting intentions for the next season will reverse this year with talk of 3 to 5 million less acres planted of corn and more beans leaving corn consumers fearing 2013 will have them paying two dollars or more per bushel. This years harvest low prices will hold until 2014. Okay, let's bring it back to present. It's all about weather to start the week. All indications are the Midwest will see measurable rain in the western corn belt of 1 to 3 inches 70% coverage and Eastern grain belt .50 to 1.0 over 60% coverage. The rain is for Saturday into Tuesday and then a lighter event Thursday and Friday, before a return dry again from 24th to June 30. If their going to further push us lower on the rain event, December corn could push 5.00 with worst-case scenario 4.88. November beans could see 12.95 with worst-case scenario 12.75. What ever the low is to start the week it should hold as low into the June 29 acreage report as shorts will buy out and speculators will buy long on the dry forecast and fear of a bullish acreage report. Technicals read like this. December corns support 5.08, 5.00 then 4.88. Resistance 5.30, 5.40. November beans support 12.95, 12.70. Resistance 13.20, 13.50. September wheat support 6.28, 6.04 resistance 6.60.

Hard Landing

Tim Hannagan — 2012-06-12T14:54:00Z

Grain Market Comments

by Tim Hannagan, PFGBEST

1-800-563-9510

thannagan@PFGBEST.com
Tuesday, June 12, 2012 at 3:31 PM

HARD LANDING………….. First things first, the USDA monthly crop report came out at 7:30 AM central time during open-market hours. No shockers or surprises. Everything was in line or ranges of guesses. The USDA left corn ending stocks for old crop year delivery before August 31 and new crop your delivery after September 1 unchanged on the month. Old crop year came in at 851 million bushels and new crop year 1.881 billion bushels. The pre-report trade guess had come in looking for a 23 million bushel cut on old crop and 141 million bushels cut on new crop year. Since they traded $.32 higher last week into what they thought would be a bullish report, when disappointed with no drop in stocks they sold previous longs and pushing corn $.18 lower by midsession. Bean ending stocks for old crop year came in at 175 million bushels down 35 million bushels from last month and new crop year ending stocks at 140 million bushels, down 5 million bushels. These numbers were close to estimates as the USDA had reported a very aggressive export pace to China in May for old crop delivery dates. After trading $.12 higher on the report's release beans turned down $.10 to $.12 and backup $.08 into midsession. So traders who bought long on last week's $.90 rally expecting a bullish report, got it, and quickly took profits only to find new buyers on the break. Traders will come in Wednesday and say, what report, hows the weather. They know weather is 90% of the pricing of futures now and trading the next forecast rules over all the other fundamentals. Monday's crop progress report came out as expected, lower corn condition at 66% good to excellent condition, versus 72% last week and under our 10 year average of 68%. Big losers were Illinois 56% good to excellent, down 10% , Indiana 49%, down 10%. Iowa 67% down 8%, Missouri 43% down 6%, Wisconsin 71% down 7% and Nebraska 70% down 5%. Beans came in at 60% good to excellent versus 65 last week and under our 10 year average of 66%. Like corn, beans to saw the lowest ratings and biggest weekly declines in the Eastern grain belt but the western grain belt low as well.. This week's weather looks to further reduce condition and ratings on next Monday's report but smaller cuts more around 1 to 3%. The trade kind of ignored the condition report as the monthly crop report by the USDA took center stage and being already Tuesday traders are looking at next week's weather, which suggests rain. WXRISK.com the AG weather site sees Sunday to Monday 70% coverage of 1 to 3 inches of rain across the western grain belt of Iowa, Nebraska, Kansas, North and South Dakota into Minnesota. As of today the Eastern grain belt of Illinois, Indiana and Ohio were alittle lighter .50 to 1 inch. This would be the second wet grain belt week of the last six. Were very dry all over but this event if it comes to play ends the drought for at least one week. The last wet week was the week of May 21. On that Monday July corn was 6.44 by Friday, May 25, 5.80. Beans dropped $.60. If Wednesday through Friday continues to talk up an impending crop improving rain we have to expect a lower close on the week as traders will further sell longs and speculators will want to be short into the weekend. Technicals read like this. Support on December corn is 5.08 then 5.00 resistance 5.30 then 5.40. Support on November beans is 13.20 then 12.95 and 12.75 resistance 13.70. Support on September wheat is 6.34 then 6.28 and 6.18 resistance 6.42

USDA NUMBERS……………….

Tim Hannagan — 2012-06-08T14:54:00Z

Grain Market Comments

by Tim Hannagan, PFGBEST

1-800-563-9510

thannagan@PFGBEST.com

Friday, June 08, 2012 at 3:15 PM

USDA NUMBERS……………….This week played out just as we scripted on last Friday's report. Starting out higher on the presence of a dry hot week ahead and finishing strong on traders getting positioned prior what's perceived to be a bullish crop report Tuesday, June 12. Pre-report trade estimates see old crop year ending stocks for corn at 828 million bushels, down 23 million bushels from last month and new crop year 2000 -13 ending stocks and 1.740 billion bushels, down 141 million bushels. The changes are minimal and would only lend to a mildly higher opening on report day followed by selling or profit-taking. If there's going to be a surprise it would be on new crop year ending stocks coming in sharply lower. There is pre-report trade estimates as low as 1.223 billion bushels. Many suggests the government needs to play catch-up on consumption of corn to ethanol, currently underestimated and greater feed usage now that their own figures suggest corn priced under wheat takes away the last eight months of more wheat replacing corn in the feed ration. The International Grains Council suggests 2012-13 will see the world reach record feed use. Lower new crop ending stocks, would effect the December futures on out. Soybean old crop ending stocks are projected at 197 million bushels, down 13 million bushels and new crop year 147 million bushels. Again, if there's going to be a surprise its new crop year. China the world's number one bean importer has been loading up on old crop year beans for delivery before August 31 as needs are desperate. New crop ending stocks largely reflect production shortfalls in Argentina and Brazil the world's number three and two largest producers. Argentina is mainly going to crushing to meet soy oil and meal demand and Brazil has already sold 90% of thier crop. China clearly has poised to be an aggressive buyer of beans at the September October harvest as we will be the only port of origin in the world with new crop year beans until the South American crops come in next spring. The USDA has yet to address new crop year demand in earnest. These are the fears going into this report, and what could make for a surprise. Or we will become in-line with pre-report estimates followed by the usual post-report break. WXRISK.COM the AG weather site sees light rain Monday and Tuesday but Wednesday the 13th through the 23rd is very dry and hot late in the period. If the early week rain event comes in light, followed with a bullish Tuesday crop report and Wednesday weather updates confirm a dry stretch ahead we can expect a measurable rally before month end profit-taking sets in, the third week of the month. Should early week rains come in larger, followed by a neutral crop report and weather sites remove the heat and add rain, corn will break to 5.08 on December futures and November beans 12.90. That's how weather and its impact on grains drives trading, surging one way or the other. The common thinking is we look warmer and drier into month-end. If grains open higher in early trade Sunday night look for profit-taking off the highs as careful Long's will want to pull profits ahead of Tuesday's big crop report. Technicals read like this. December new crop corns support is 5.30 then 5.08. Resistance 5.50 then 5.78. November new crop beans support 13.20 then 12.90 resistance 13.70 then 14.00. September wheat support 6.32 resistance 6.54 then 6.72

WEATHER and CONDITION…………..

Tim Hannagan — 2012-06-05T14:54:00Z

Grain Market Comments

by Tim Hannagan, PFGBEST

1-800-563-9510

thannagan@PFGBEST.com

Tuesday, June 05, 2012 at 3:33 PM

WEATHER and CONDITION………….. We started the week trading the weather in front of us and the crop condition report. As we noted on Friday's report WXRISK.com AG weather site called for light weekend rains and a dry week this week setting us to open higher Sunday night. Well weekend rains were lighter than expected . Central Illinois and western Indiana got .10 to .50 inches, nothing heavy anywhere. The rest of the week looks dry with temperatures in the 90s this weekend across the Midwest. This pushed new crop December corn up $.14 and November beans 12 higher before easing back. So the initial weather rally on the week is over as they finished off rally on the Sunday night, Monday trade leaving the weeks dry pattern now as supportive to futures on breaks. Monday's crop condition report push corn and beans to new highs for the week in Monday night trade into Tuesday before turnaround Tuesday pulled corn down on the day and beans $.12 off its high on profit-taking at midsession. Corn condition was put at 72% in good to excellent condition unchanged on the week. Big producers did poorly, Ohio 67% down five, Nebraska 75% down four, Iowa 75% down two, Missouri 49% down 10 and Illinois unchanged at 66%. The 72% national rating is fooling people as its over the 10 year average of 68% but by the end of this week, there would have been only one good week of rain out of the last five. There's a clear pattern of drier than normal across the key Midwest producing state. Beans saw their first crop condition report of the year. Most expected the first report to come in like corn, 8 to 10% higher than last year, but we came in at a low 65% good to excellent condition, versus last year's first report June 13 of 67%. The 10 year average was 71%. We can only assume they felt corn benefit from a better topsoil moisture planted first and beans planted Last suffered from recent dryness. Key producers under the average were all in the Eastern grain belt for beans, Illinois 60%, Indiana 52%, Ohio 62% and Missouri 36%. WXRISK.com sees the next chance for rain next Tuesday and Wednesday in the Eastern grain belt at 50% coverage .25 to 1.50 inches at best with .25 inches of rain or less in the western grain belt. With the remainder of the week dry and turning hotter into the weekend and perception next Tuesday's USDA crop report will come in with lower ending stocks, we can assume breaks should be bought as the downside is limited unless something bearish enters. Technicals read like this. July corns support 5.62 resistance 5.72 and 5.90. December corn support 5.02 then 4.90 resistance 5.30 then 5.40. July bean support 13.25 resistance 13.70 then 14.10. November bean support 12.50 then 12.25 resistance 12.95 then 13.20. July wheat support 5.90 resistance 6.28 then 6.40.