Yesterday’s Close: July corn futures finished the session up 4 ¼ cents, trading in a range of 6 ¼ cents. Funds were estimated to have been buyers of 14,000 contracts.
Fundamentals: July corn futures rallied to their highest level since last August as momentum from wheat continued to spill over. Weather continues to be monitored closely both in the states and Brazil. Weather has led to delays here to start planting season, but this has yet to be a serious concern. There has not been a lot of new news across the wires in the last 24 hours. Weekly ethanol data will be released from the EIA at 9:30am cst this morning. Export sales will be released tomorrow at the same time as usual.
Yesterday’s Close: July soybean futures finished the day up 2 ¾ cents, trading in a range of 14 ½ cents. Funds were estimated buyers of 4,000 contracts.
Fundamentals: Soybeans continue to coil with a lack of new news on the wires. We are continuing to watch soybean meal prices closely as they appear on the verge of a conviction breakout, this would be beneficial to beans. Funds were estimated to have been buyers of 7,000 meal contracts yesterday. March soybean crush came in at 182.2 million bushels, this was below the average trade estimate of 183.2 million bushels. With that said, it is still a record and nearly 14% above last year. Harvest progress in Argentina has slowed do to excess rain, that doesn’t seem to be a major concern at this point in time though.
Yesterday’s Close: July wheat futures finished the day up 17 ½ cents, trading in a range of 24 cents. Funds were estimated to have been buyers of 10,500 contracts on the day.
Fundamentals: The annual crop tour has officially kicked off and we have been hearing yields ranging from 10-55 bushels per acre. We will continue to keep an eye on this as it will have an influence on price in the near term. On the macro side of things, we are also keeping an eye on the USD. Wheat has been gaining significant strength despite the stronger USD. If the USD takes a breather and pulls back, this could offer additional support to wheat futures.
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