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.
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