Yesterday’s Session: March corn futures finished yesterday’s session up ¼ of a cent, trading in a range of 4 cents.
Fundamentals: Weekly export inspections came in at 1.01 million tones, this was above the top end of trade estimates of 500-900tmt. It is that time of year where the news usually dries up, throw in a government shutdown and the news wire comes to a halt. The futures market is constantly adapting to new information (with or without reports), so we aren’t all that concerned with the lack of reports. Price proceeds news headlines.
Yesterday’s Session: March soybean futures finished yesterday’s session down 6 cents, trading in a range of 9 ½ cents.
Fundamentals: Weekly export inspections came in at 1.02 million tonnes, above the top end of expectations from 625-950 tmt. NOPA crush data will be released at 11am cst, expectations are for 167-172 million bushels. We would not be surprised to see the market drift lower/chop sideways for the remainder of the week. As we start getting closer to the meeting between US and China trade officials at the end of the month, we would look for a premium to work back into the market.
Yesterday’s Close: March wheat futures finished yesterday’s session down 5 cents, trading in a range of 10 ¼ cents.
Fundamentals: Weekly export inspections came in at 546tmt, above the expected range from 250-400tmt. There has not been a lot of new news on the wire as of late, to be expected for this time of year. With that said, money flow and technicals will be a leader in the near term for active traders.
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