Friday’s Close: March corn futures finished Friday’s session up 2 cents, trading in a range of 2 ½ cents.
Fundamentals: Corn futures are mixed to start the week as participants continue to focus on technicals and money flow, due to the lack of information from the USDA during the government shutdown. Despite the government shutdown, analysts have not stopped crunching their own numbers, the following are their estimates: U.S. ending stocks are estimated to be between 1.579-1.787 billion bushels, the average being 1.694. U.S. quarterly stocks are estimated to be near 12.097 billion bushels. The average yield estimate is 178, putting the average production estimate at 14.538 billion bushels.
Technicals: The market held technical support last week from 375-377, the bulls....The market has....
Friday’s Close: March soybean futures finished Friday’s session up 3 ¼ cents, trading in a range of 5 ½ cents.
Fundamentals: Soybean futures are softer to start the week as the market has run out of bullish news/hope following last weeks meeting with Chinese trade negotiators. That coupled with the lack of data from the USDA has put a bigger emphasis on money flow and technicals. Despite the government shutdown, analysts have not stopped crunching their own numbers, the following are their estimates: average estimate for U.S. yield comes in at 51.8 bushels per acre, putting production at 4.572 billion bushels. The average estimate for Quarterly Stocks is 3.725 billion bushels. U.S. ending stocks at 904 million bushels, with estimates ranging from 798-980.
Friday’s Close: March wheat futures finished Friday’s session up 6 cents, trading in a range of 11 cents on the day.
Fundamentals: Chicago wheat futures have been trying to stabilize over the past two weeks as global wheat markets firm. Estimates for all winter wheat seedings comes in at 32.279 million acres, with estimates ranging from 31.513-33.30 million acres. U.S. quarterly stocks estimates come in near 1.96 billion bushels. U.S. ending stocks come in near 987 million bushels.
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