Yesterday’s Close: December corn futures finished yesterday’s session up 5 ¼ cents, trading in a range of 5 ¾ cents. Funds were estimated buyers of 7,000 contracts.
Fundamentals: Yesterday’s crop progress report showed U.S. corn ratings at 72% good/excellent, this was unchanged from the previous week and 1% better than what analysts were expecting. Despite better than expected ratings, the market is retaining strength in the overnight/early morning trade. Yesterday’s weekly export inspections report came in at 1,658,477 metric tons, above what analysts were looking for. Corn has been the beneficiary of a resilient wheat market, if wheat runs out of gas, it could put a short-term lid on the current corn rally.
Yesterday’s Close: November soybean futures finished yesterday’s session up 6 ¾ cents, trading in a range of 10 ½ cents. Funds were estimated buyers of 6,000 contracts.
Fundamentals: Yesterday’s crop progress report showed the U.S. soybean ratings at 70% good/excellent, this is unchanged from the previous week and 1% better than what analysts had been expecting. Despite the better than expected crop conditions, the market continues to hold strength. Yesterday’s weekly export inspections came in at 740,323 metric tons, this was above analysts’ expectations. We continue to believe that longer term fundamentals are supportive to the market and we would not be terribly surprised to see China come back to the table closer to fall.
Yesterday’s Close: September wheat futures finished yesterday’s session up 14 ¾ cents, trading in a range of 19 cents. Funds were estimated buyers of 7,500 contracts.
Fundamentals: Yesterday’s crop progress report showed spring wheat ratings at 78% good/excellent, this stuck with the theme of being 1% better than what analysts were expecting. Harvest is 4% complete, slightly behind expectations. Winter wheat harvest came in at 85% complete, also slightly behind expectations. Weekly export inspections came in at 379,149 metric tons. Weather conditions abroad continue to offer support to the market with the biggest concerns coming from Europe and the Blake Sea region.
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