Yesterday’s Close: December corn futures finished yesterday’s session down 1 ¾ cents, trading in a range of 4 ¼ cents. Funds were estimated sellers of 7,000 contracts on the day.
Fundamentals: Weekly export inspections came in at 1,351,177 metric tons, this was towards the top end of expectations. Yesterday’s Crop Progress report showed corn is 34% harvested, this was in line with analysts’ expectations. President Trump announced yesterday that E15 will no longer be banned during the summer months which is a silver lining for the longer-term picture. Tomorrow’s USDA report is the big-ticket item this week. Production estimates range from 14.700-14.969 billion bushels, the average estimate coming in at 14.851. The average estimate for carryout is 1.932.
Yesterday’s Close: November soybean futures finished yesterday’s session 8 ¼ cents lower, trading in a range of 13 ¼ cents. Funds were estimated sellers of 8,000 contracts on the day.
Fundamentals: Weekly export inspections came in at 569,776 metric tons, this was towards the low end of the range. Yesterday’s Crop Progress report showed soybeans are 32% harvested, slightly behind the expected pace. Market participants are gearing up for tomorrow’s USDA report. Production estimates are coming in from 4.623-4.890 billion bushels, the average estimate is 4.733. The average carryout estimate is .903, up from .845 last month.
Yesterday’s Close: December wheat futures finished yesterday’s session up 2 ½ cents, trading in a range of 9 ¼ cents. Funds were estimated to have been near flat for the day.
Fundamentals: Export inspections yesterday morning came in at 423,270 metric tons, within expectations. The weekly Crop Progress report showed that winter wheat planting is now 57% complete, inline with expectations. Market participants are looking forward to getting new news from the USDA tomorrow morning. The average analyst estimate for carryout comes in at 956 million bushels, up from 935 in their September report.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.