Overnight E-CBOT trade finds July corn futures closed up .056 from the day before's side by side session closing price, July beans up .036, and July CBOT wheat closes up .056 @ 4770.
Malaysian Palm oil futures close down 8 ringgit following export data which was well within pre release estimates.
China Dalian Exchange soybean meal, soybeans, corn, non GMO soybeans and soybean oil all close higher.
Shanghai Stock Exchange composite closes 1.04 higher.
At the close of the side by side trade session on Friday, floor trade estimates suggest non commercials sold 5,000 wheat, 1,500 corn, bought 5,000 soybeans, sold 500 soybean meal and bought 1,000 soybean oil.
National Weather Service: the latest 6-10 day forecast calls for normal to below normal temps and normal to above normal precip, likely viewed as bearish to corn and soybean futures.
This mornings Weather Watch page forecast the balance of May and June weather. There are the haves and have nots.
Light coverage and amounts of rain to begin this week and by the middle broad based coverage of trace to 1 inch rains for the greater Midwest.
S Korea seeks 125 K tonnes non GMO soybeans. India receives bids on 1 MMT of wheat imports ranging from $265.50-$296.00 per tonne.
The very earliest morning July futures calls are corn up 4 to 7 cents, soybeans are called up 2 to 4 cents and wheat futures are called up 4 to 6 cents.
ALLENDALE LIVESTOCK COMMENTS: While Nebraska traded cattle steady to $1 higher at $154 and $155 dressed out the central and southern plains live trade waited until the COF report. With the better than expected Marketing number cattle started trading $1 higher at $98 and $98.50. Choice boxed beef closes down $.45 with select up $.46 vs the previous days value. Pork carcass cutout closes $.18 higher from the previous days value. Cash hogs are called steady to 50 cents higher.
ALLENDALE LIVESTOCK FUTURES: June Lean Hogs are called to open steady to 20 points higher. Technical based chart support at 7505 with overhead resistance at 7615. Cattle on Feed viewed as friendly to June futures. June Live Cattle futures are called 20 points higher. Technical based chart support at 9140 with overhead resistance at 9325. August Feeder Cattle futures are called steady to 30 points higher, key support at 11290, key resistance at 11390.
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