Yesterday’s Close: July corn futures finished yesterday’s session down 4 cents, trading in a range of 4 ½ cents.
Fundamentals: The market moved lower yesterday as forecasts turned favorable for some areas of the Midwest, allowing producers to make some progress following recent weather delays. Crop Progress showed that the U.S. corn crop is 6% planted, a hair behind estimates and half that of the 5-year average. Yesterday’s export inspections came in at 1,353,114 metric tons, above the top end of expectations. May option expiration is on Friday, that has the ability to play a role in price action for the remainder of the week.
Yesterday’s Close: July soybean future finished yesterday’s session down 3 ¼ cents, trading in a range of 6 ½ cents.
Fundamentals: Futures softened up as broad weakness in the grain sector was unavoidable. Export inspections yesterday morning came in at 382,298 metric tons, below the low end of estimates. Crop progress showed that the U.S. soybean crop is 1% planted, 1% behind the expectations and 5-year average. U.S. officials will be traveling to China in a week, this will likely keep the headlines coming, but right now the prices reflect no resolution in the near term. May options expire on Friday, this could play a role in near term price action.
Yesterday’s Close: July wheat futures finished yesterday’s session down 7 ¾ cents, trading in a range of 7 ½ cents.
Fundamentals: Wheat futures softened up as a whole as there is just a lack of any bullish catalyst on the horizon. Crop progress showed that Winter wheat is rated 62% good/excellent, up 2% from expectations and well double that of last years, for the same time period. Spring wheat is said to be 5% complete, lagging the average but ahead of last year’s pace.
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