Yesterday’s Close: March corn futures finished yesterday’s session down ½ of a cent, trading in a range of 3 ¾ cents.
Fundamentals: Informa Economics released their estimates for the 2019/2020 season in the U.S. They have corn acres coming in at 91.5 million, this is up from the 89.1 planted in the previous year. The word is that the FSA will be open today and tomorrow. The lack of data due to the government shutdown has been taking the blame for a sideways market. In reality, it is pretty typical for this time of year, government or not.
Yesterday’s Close: March soybean futures finished yesterday’s session up 6 cents, trading in a range of 7 ¾ cents.
Fundamentals: Informa Economics released their estimates for the 2019/2020 season in the U.S. Low prices cure low prices, they have soybean acres coming in at 86.23 million acres, down from 89.1 million acres. Weather in South America continues to be a talking point, with nothing much else to talk about. With that said, there’s nothing much on the forecast that looks exciting. The market will be fixated on trade. We expect headlines to pick up with as we go into the negotiations next week.
*as we are writing this, Secretary Ross stated that the U.S. and China are “miles and miles” away from trade resolution.
-We would not be surprised to see Larry Kudlow come in and walk this statement back
Yesterday’s Close: March wheat futures finished yesterday’s session up 5 ¼ cents, trading in a range of 5 ¼ cents.
Fundamentals: Informa Economics released their estimates for the 2019/2020 season in the U.S. They have all wheat acres at 47.163 million acres, slightly lower from last years 47.80 million acres. There are rumors that Russian wheat exports could slow, this would open the door for other market participants to ramp up, including the U.S.
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