Yesterday’s Close: May corn futures finished yesterday’s session up ½ of a cent, trading in a range of 7 cents.
Fundamentals: Yesterday’s USDA report showed U.S. carryout at 2.035 billion bushels, above the average analyst estimate of 1.991 billion bushels. World carryout was reported at 314.01 million tonnes, also above estimates, coming in at 311.16 million tonnes. The fact that the market couldn’t break lower on a bearish report is extremely encouraging for the bull camp as attention will shift back towards planting progress and crop development over the coming weeks/months. Yesterday, Secretary Perdue talked about the potential for reducing ethanol tariffs in the trade deal.
Yesterday’s Close: May soybeans finished yesterday’s session down ¼ of a cent, trading in a range of 7 ½ cents.
Fundamentals: Yesterday’s WASDE report had U.S. carryout pegged at 895 million bushels, below the average estimate of 898 million bushels. World carryout came in at 107.36 million tonnes, below the average estimate of 108.04 million tonnes.
Argentina’s soybean production remained unchanged at 55 million tonnes while Brazil’s was raised slightly. All in all, this was a neutral report and does little to get the bears or bulls excited. Attention will now turn back to trade and money flow.
Yesterday’s Close: May wheat futures finished yesterday’s session down 4 ¾ cents, trading in a range of 6 ¼ cents.
Fundamentals: Yesterday’s WASDE report had U.S. carryout at 1.087 billion bushels, above the average estimate of 1.072 billion bushels. World Carryout came in at 275.61 million tonnes, above the average estimate of 271 million tonnes. That bearish report coupled with a good crop progress report Monday afternoon kept a lid on the market.
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