Markets finished mixed to lower with December corn reversing its gains from yesterday. December corn sits at 10 cents lower on the week, beans are down 23 ½ cents on the week, and wheat is down 21 cents.
There was a lot of economic data out today that put a positive spin on outside markets, but despite this grains still were unable to hold much support. Yesterday’s late corn rally on heavy volume was basically worked back out of the market today. The main fundamental news out this morning was Informa’s crop estimates. Informa left their US national average corn yield at 149.5 which is the same as their October guess. They also left their soybean guess unchanged at 41.8. FC Stone is projecting 148.4 for corn and 42.2 for beans.
Tomorrow morning we will have export sales released at 7:30 am. The estimates are as follows:
Corn 375,000 – 650,000 MTs
Soybeans 400,000 – 800,000 MTs
Wheat 300,000 – 500,000 MTS
We will have the actual results in the morning email.
Until the November 9th Supply and Demand report the market could continue to chop around as it has over the past few weeks. Given the discount world grains have to undercut our prices, as well as the net long positions the spec longs are still holding, we like making sure the downside risk is well covered. To receive a two week trial of our services please contact an EHedger broker today or sign up using the link below.
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