Yesterday’s Close: December corn futures finished yesterday’s session down 2 cents, trading in a range of 4 cents. Funds were estimated sellers of 12,000 contracts on the day.
Fundamentals: Corn futures gave back some premium yesterday as forecasts call for drier weather through areas that were hit by wet/winter conditions. It may take a few days for things to dry out but farmers who were delayed are expected to get the combines rolling again soon. There are no major news events scheduled in the near future, so weather, harvest, and money flow will be the main focus for the remainder of the month.
Yesterday’s Close: November soybean futures finished yesterday’s session down 7 ¾ cents, trading in a range of 12 cents. Funds were estimated sellers of 6,000 contracts on the day.
Fundamentals: November soybean futures pulled back yesterday on a better weather outlook for those who have been plagued by wet/winter weather over the past week plus. Harvest is well behind the average pace for this time of year, but the break in weather should get the combines rolling again here in the next few days, if not already. We will continue to keep an ear to the ground for any developments regarding U.S. and China trade talks, this continues to be a wild card. This is the time of year were our exports start to ramp up, bulls are hopeful that this trend will continue this year.
Yesterday’s Close: December wheat futures finished yesterday’s session down 1 ½ cents, trading in a range of 6 cents. Funds were estimated sellers of 4,000 contracts on the day.
Fundamentals: Wheat futures had a slight pullback yesterday on a little spillover from weakness in corn and beans, not to mention we failed at technical resistance (again). Exports have been fairly weak recently which has our expectations limited, but a move higher in corn and beans would be beneficial for wheat prices. We continue to like the sell side of wheat but will be patiently waiting for better prices.
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