PROFITS TAKEN............ Wednesday and Thursday was fund profit-taking days after corn hit 6.36 Monday, a chart resistance and after a $.44 rally and new highs for the year on beans, 1.00 higher than the April low. As we noted on Tuesday's report funds are taking profits off rallies on the day this week but actively buying breaks on long-term bullish fundamentals as well. Beans posted new highs first, Wednesday after new Chinese import buys of US beans were announced for the third consecutive day. Interesting was the large soy oil purchase. This suggests they are so anxious and in need of the high protein cooking oil, they can't wait for the beans to arrive and begin their crushing process to obtain the valued soy oil. Thursday's weekly export sales report showed corn sales at 1.331m.m.t. old crop year and 1.920 new crop year, with China in for the bulk. Beans were 598 t.m.t.old crop and 1.134 for new crop, again China loading up. The big corn numbers were expected but new crop beans were over expectations. So far this week sales of corn have slowed while beans gaining sales through Thursday with 756 t.m.t. old and new crop year beans combined. With next Thursday's USDA crop report expected to cut ending stocks for corn and beans one might expect price strength into its release. Consider buying a 6.20 June corn call and for beans buy a 14.90 June call and sell a 15.50 call for $.20 or less. The 6.20 corn is $.10-$.12 or $500. The options have time as they expire weeks after the report. You should take profits the day prior or the day of the report if suitable. Technicals read like this. July corns support 6.08. Resistance 6.36. July bean support 14.70 then 14.55 resistance 15.10. July wheat support 6.12 resistance 6.44.