Markets are under pressure this morning with corn taking the downside leadership roll.

Managed funds on Thursday were estimated as net buyers of 6k corn to push the net long back out to 235k, net buyers of 6k beans to reduce the net short to 30k, and net buyers of 4k wheat to reduce the net short to 72k.

EU and Canadian tariffs remain major market influences with EU tariffs on U.S. corn specifically impacted by EU trade policies.

French wheat ratings were unchanged on the week at 74% g/e, which is up from 66% a year ago. Barley ratings were 70% g/e vs. 68% a year ago.

Argentine soy crush workers ended their strike on Thursday.

Concerns are growing in the U.S. meat industry the China may halt purchases of U.S. meat.

Ukraine corn exports at this point in the marketing year are at 15.69 mmt vs. 17.31 mmt year ago. Wheat exports are 12.48 mmt vs. 12.86 a year ago.

Corn traded an inside day on Thursday, but has dropped below yesterday’s low overnight. The market is pretty well balanced right now. Support is 4.40 and resistance 4.72.

Beans posted a higher high, higher low, and higher close on Wednesday as the market bounced off support at 10.00. The market is balanced after the recent consolidation. Support for May is 10.00 and 9.80. Resistance is 10.20-10.30.

Corn is set to finish the week under pressure with the market struggling ever since the USDA report on Tuesday showed larger than expected U.S. corn supplies. With the lack of bullish data on the report and a still very uncertain outlook for U.S. trade moving forward, there is potential for more long liquidation from speculative funds.  Producers should make sure sales are caught up.

Beans are set to finish the week with losses as ongoing harvest in South America continues to weigh. While it looks like beans may be benefiting from spreading vs. corn this morning, the old crop bean outlook remains very weak on growing global supplies. Producers should make sure sales are caught up and buy puts on unsold bushels.

Old crop corn down 5

New crop down 1

Old crop beans down 1

New crop up 1