Last Week’s Close: December corn futures finished Friday’s session down 2 ¾ of a cent, extending losses for the week to 4 ½ cents. For the week, futures traded in a 9 ¼ cent range. Friday’s Commitment of Traders report showed funds bought 1,271 futures through November 13th, extending their net long position to 15,833 futures.
Fundamentals: Corn is stable in the overnight session despite weakness in soybeans and wheat. It is a shortened week due to Thanksgiving, so we would expect to see things quiet down as market participants leave the screens early. Corn will close at 1:20pm cst Wednesday and not re-open until 8:30am cst Friday.
Last Week’s Close: January soybean futures finished Friday’s session up 3 ¾ cents, extending gains for the week to 6 ½ cents. For the week, futures traded in a 20 ¼ cent range. Friday’s Commitment of Traders report showed funds sold 10,619 contracts through November 13th, extending their net short position to 49,485 futures.
Fundamentals: The U.S. and China did not put out a joint statement from APEC summit over the weekend, the first time this has happened since the summit began in 1993. This has soybean futures under pressure to start he week. There was a meeting between trade representatives scheduled before the G-20 summit at the end of the month, that has apparently been removed from the calendar, putting a bigger emphasis on the G-20 summit. We would not be surprised to see additional headlines between here and there that suggest both parties want to make a deal, this would put the risk to the upside.
Last Week’s Close: December wheat futures finished Friday’s session up 1 ¼ cents, extending gains for the week to 4 ½ cents. For the week, futures traded in a 19 ¾ cent range. Friday’s Commitment of Traders report showed funds bought 13,440 contracts through November 13th, trimming their net short position to 28,525 futures.
Fundamentals: Wheat futures are under pressure to start the week on some spillover selling, despite a softening U.S. dollar. Crop Progress after the close is expected to show winter wheat planting at 94% complete. Good to excellent ratings are expected to jump 1% to 55%. If KC wheat can start to build a base, that would likely be beneficial to the Chicago wheat contract.
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