Market Comments for 7/8/08 4:00pm

Funds sold 1,000 wheat, 15,000 corn, 4,000 soybeans, 2,000 meal and 3,000 soyoil.
CIF corn is firmer, beans weaker.
Weather forecasts are cooler and drier in 6-10 day, cooler and wetter in the 11-15 day.
Crude oil closed down $5.47, Gold down $8.10 and the dollar index closed up 31.
November beans closed below the 20-day moving average for the first time since May 7th. Next chart support is $14.73 3/4.
December corn closed below the 20-day moving average for the first time since May 30th.
Calls for tonight are steady-easier

Basis and Freight 7/8/08 12:00pm (Green indicates increased, red indicates decline, black indicates no change in values)

Truck Decatur IL values--corn cu-33, beans sx+15...CIF values---Jul cu+24/26 (up 1), Jul sq+62/67 (dn 3)...Barge freight--IR 550/575%, StL 400/425%, OR 450/475%, Mid-Miss 575/600%...

Weekly Sales and Inspections

Inspections (estimates in mil. bu) 7/7/08 c 32.4 (30-35), b 9.1 (8-12), w 18.4 (15-20)

Export Sales (estimates in 000 tons) 7/3/08 c 325.9/302.5 new (300-700) , b 465.9 old/176.5 new (325-525), w 668 (200-600), m 158.1 old (25-125), oil 6.1 (0-15)

June S & D	Ending Carryout 07/08	Avg Est.	World c/o	Ending Carryout 08/09	Avg Est	World c/o
Corn	1.433	1.424	109.7	673	736	103.3
Beans	125	134	49.3	175	180	50.4
Wheat	254	241	115.1	487	496	132.1
Meal	300	-	-	300	-	-
Oil	2.792	-	-	2.679	-	-
Oats	45	-	-	47	-	-

Wheat Production	Actual	Avg	Range	2007
Winter W	1.817	1.813	1.774-1.850	1.516
HRW	1.030	1.038	1.000-1.073	962
SRW	572	562	550-605	358
WW	216	213	190-228	197

Plantings	6/30/08	Average	Range	3/31/08
Corn	87.3	85.321	79.6-87.4	86.014
Beans	74.5	74.203	72-76	74.793
Winter W	63.5	46.986	56.6-49.1	46.84
Spring W	14.2	14.321	14.1-14.5	14.333
Durum	2.66	2.616	2.5-2.7	2.63
All Wheat	63.5	63.818	63.5-64	63.8
Cotton	9.25	8.89	8.45-9.21	9.39
Grain Stocks
Corn	4.028	3.925	3.55-4.33	6.859
Beans	.676	.669	.615-.743	1.428
Wheat	.306	.278	.247-.461	.456

Commitment of Traders

as of 7/1	Funds w/opts	Fund Chg	Estimate	Index	Index Chg
corn	+184,572	-1,761	+190,300	+417,279	-11,031
beans	+92,790	+5,389	+101,400	+168,957	+100
wheat	-19,790	+3,514	20,300	+177,817	-1,411
meal	+63,141	+7,292	+68,700	-	-
oil	+25,302	+1,077	+30,200	+72,687	+2,594

NWS observed precip site

Five day precip forecast by the NWS

See the new USDA maps for major US crop areas...Link here for corn...Link here for soybeans...

Climate tables---% of normal precip in the last seven days for the Midwest and for the High Plains.

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