Friday’s Close: July corn futures finished Friday’s session up 5 cents, trading in a range of 6 ½ cents.
Fundamentals: The market has moved well off last week’s lows as option expiration created a little extra volatility in last week’s trade. Friday’s Commitment of Traders report showed that funds are holding a record short position of 322,215 futures/options, producers are holding a record net long position of 47,097. Crop progress will be released after the close today, expectations are for the U.S. corn crop to be 15-17% planted, in line with last years pace but lagging the 5-year average of 25%. Weather throughout the Midwest will continue to be a big factor over the coming weeks and the market will likely respond to the ever-changing forecasts.
Friday’s Close: July soybean futures finished Friday’s session down 4 ½ cents, trading in a range of 7 ¼ cents.
Fundamentals: The market found it hard to find footing last week as the lack of bullish news continues to keep prices depressed. Trade headlines could pick up this week as U.S. and Chinese trade representatives are expected to continue negotiations. Crop progress will be out after the close today, expectations are for the U.S. soybean crop to be 5% planted, in line with historical averages. If we see bigger than expected delays in corn planting, we could start to hear chatter of a shift in acres. Friday’s Commitment of Traders report showed the funds have a record short position of 129,566 futures/options.
Friday’s Close: July wheat futures finished Friday’s session up 1 ¾ cents, trading in a range of 6 ¼ cents.
Fundamentals: Wheat futures are trying to fish for a bottom but have come up unsuccessful, thanks to the lack of bullish headlines. Friday’s Commitment of Traders report showed funds are short 67,992 Chicago futures/options contracts. Crop progress will be out today, after the close. Expectations is for spring wheat to be 15% planted, ahead of last years pace but still lagging the historical average significantly.
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