7/2/2009........... Wheat: The short-term trend is lower with the next area of support near $5.00 in the nearby Chicago contract. If this level is breached the next area of support sits at around $4.55 which was last winter's low.

7/2/2009..........The early call has beans down 10-15 cents; corn off 4 to 6 cents and wheat sideways to down 4 cents. The 'yoyo' effect of negative 'outside market influences'; a stronger US buck and weaker crude tugs at current values. The long Forth of July weekend has thinned the trading ranks and volume should be limited.  Egypt's GASC booked 30,000 Mt of French wheat @ $ 5.1575 pb and 60,000 Mt of US SRW wheat @ $5.145 pb FOB. In its regular weekly tender, Japan contracted 87,000 Mt of assorted US and 21,000 Mt of Australian standard white for Aug-Sept delivery. Taiwan bought a total of 82,350 MT of US wheat for Aug 8-Sept 8 shipment.  Chicago's decline was met with mild indifference in SWW pricing. The PNW harvest get ever closer at the lower sections along the Columbia. Production thoughts trump marketing concerns.

Midwest wheat harvest sending new crop bushels into the pipeline; 'some seasonal pressure' indicated. Stock market plowed lower on bleaker job's numbers and prospects. PNW off-shore inquiries and consumptive demand appear consistent, while country selling remains spasmodic. More harvest contemplation observed than new-crop contracting. Basis has been on the rise.

Have a great Forth of July celebration !