Open interest: Beans -238 a negative move, though slight, on an upside move is bearish. This shows there are willing sellers as it rallies. Corn +5576 with gains in CK evident. This is a total gain of 36K in three sessions…plenty of weak length hanging overhead. Wheat +8026 with big gains seen in May on the drop. I think this is fresh shorts. Meal +1041 and Bean Oil -3382 on the rally is bearish. This is short term money exiting.

Euro wheat was 1.00 Euro higher buoyed by a weak Euro helping export potential. Black Sea price spike and inflated US markets bodes well for France and Germany.

W. Australia is looking at a record 15 MMT production total. This is in spite of a wet finish and delayed harvest. 80% of this crop is earmarked for export.

Export sales came in as follows: Beans 436.7 TMT sold and 1.0002 MMT shipped. China took a massive 717.9 TMT this week. Their purchases were noticeably lower showing business may be moving to Brazil. Corn 1.0059 MMT sold and 686 TMT shipped. Mexico and Japan were the featured buyers. China snuck in and took 56 TMT of corn. Wheat 420.4 TMT sold and 479 TMT shipped. We sold a majority white wheat (239 TMT) with only 70 feed wheat sold. Meal 80 TMT sold and 50.5 TMT shipped. Oil 21.1 TMT sold and 22.7 TMT shipped.