Yesterday’s Close: March corn futures finished yesterday’s session down 1 ½ cents, trading in a range of 4 cents. Funds were estimated sellers of 9,000 contracts on the day.
Fundamentals: The weekly EIA ethanol report showed production fell 20,000 barrels per day to 1.031 million. The IGC (International Grain Council) raised their corn production numbers in Ukraine and the EU, which helped offset their lower Brazilian production estimates. The main focus for us continues to be money flow and technicals, with the wild card being trade headlines.
Yesterday’s Close: March soybean futures finished yesterday’s session up ½ of a cent, trading in a range of 10 ¼ cent range. Funds were estimated buyers of 2,000 contracts on the day.
Fundamentals: Soybeans chopped around yesterday on the back of negative trade headlines that were later walked back. U.S. and Chinese leaders are still expected to meet next week regarding trade, so expect these headlines to continue as we wrap up the month. Weather in South America has been a tug of war topic for analysts, some suggesting drought like conditions while some are expecting better yields.
Yesterday’s Close: March wheat futures finished yesterday’s session down 5 ¾ cents, trading in a range of 8 cents. Funds were estimated sellers of 3,000 contracts on the day.
Fundamentals: Wheat futures rolled over on profit taking after failing to gather enough momentum from the previous day’s strong close. The surge higher in the U.S. dollar didn’t do the wheat bulls any favors either. The IGC (International Grain Council) raised their 2018/2019 world wheat production estimates to 737 million tonnes, up 8 million.
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