Yesterday’s Close: December corn futures finished yesterday’s session up 3 ¼ cents, trading in a range of 5 cents.
Fundamentals: Weekly export inspections came in at 949,168 metric tons, this was inline with expectations. Crop progress was released yesterday afternoon, showing corn harvest at 49% complete, a notch ahead of the five-year average of 47%. Weather in the states has been becoming less meaningful, while weather in South America starts to take the spotlight. We will continue to keep a close eye on their crop as it continues to develop. Recent reporting shows Brazil is 48% planted and Argentina is 33% completed.
Yesterday’s Close: November soybean futures finished yesterday’s session up 2 ¼ cents, trading in a range of 7 ½ cents.
Fundamentals: Weekly export inspections came in at 1,148,566 metric tons, this was towards the high end of expectations. Crop progress was released yesterday afternoon, showing soybean harvest at 53%, well behind the five-year average pace of 68%. Keep in mind that November option expiration is this week, 850 would be the psychologically significant price to keep an eye on at the end of the week, but 860 puts have more open interest which may help provide a floor for prices towards the back half of the week.
Yesterday’s Close: December wheat futures finished yesterday’s session down 5 ¼ cents, trading in a range of 7 cents.
Fundamentals: Weekly export inspections came in at 385,000 metric tons, a rather lackluster number. Crop Progress after the close showed winter wheat planting is 72% complete, behind the 5-year average of 80%. Russian wheat has been the hotter market recently, bullish traders are hopeful that demand for U.S. wheat will start to pick up.
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