Yesterday’s Close: July corn futures finished yesterday’s session up 12 cents, trading in a range of 10 ½ cents (gap higher). Funds were estimated buyers of 45,000 contracts on the day.
Fundamentals: For the first time ever, we put out a bullish special report Monday afternoon. Concerns over delayed planting continue to mount as we step into the back half of May, with weather forecasts remaining wet for problem areas. In our Weekend Ag Update, we talked about prevent plant, that thesis is beginning to gain traction. President Trump also made some optimistic comments last night (shocker) which may have helped add support this morning. Overall trade volume was fantastic yesterday which is a good indication for price.
Yesterday’s Close: July soybean futures finished yesterday’s session up 26 cents, trading in a range of 32 ½ cents. Funds were estimated buyers of 22,000 contracts on the day.
Fundamentals: Soybeans moved higher yesterday along with corn and beans, much of which was thanks to short covering from the funds. The pinnacle of bad news for beans was priced in Monday morning with Chinese retaliatory tariffs, we put out a special report Monday afternoon asking the question: Is there any bad news that hasn’t been priced in yet? With that said, prices are now approaching a significant technical barrier which may be a short-term hurdle. NOPA crush will be out this morning at 11 am cst, estimates are at 161.6 million bushels.
Yesterday’s Close: July wheat futures finished yesterday’s session down 14 ¼ cents, trading in a range of 12 ¾ cents. Funds were estimated buyers of 10,500 contracts on the day.
Fundamentals: Short covering in corn and beans has encouraged short covering in wheat over the last three sessions. We would not be surprised to see this trend continue. Fundamentals have not changed much over the last few days so our focus will remain on money flow and technicals.
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