Yesterday’s Close: March corn futures finished yesterday’s session up 2 ¼ cents, trading in a range of 2 ½ cents.
Fundamentals: The market recovered some ground yesterday on technical relief and some renewed concerns of dry weather in Brazil, possibly affecting their production. Yesterday’s weekly EIA ethanol report showed production rose 1,051 barrels per day.
Yesterday’s Close: March soybean futures finished yesterday’s session up ½ of a cent, trading in a range of 8 ¾ cents.
Fundamentals: Soybeans were relatively mute as the market catches its breath from the recent pressure. As mentioned in previous reports this week, we would not be surprised to see the market chop around here then catch a bid into the end of the month. US and Chinese trade officials are scheduled to meet then, this will likely prompt hopeful/optimistic headlines and put some premium back into the market for a “what if a deal is done” scenario. Not saying a deal needs to be done, but even if there’s a slim chance, the market will price that chance in accordingly.
Yesterday’s Close: March wheat futures finished up ½ of a cent yesterday, trading in a range of 5 ¾ cents.
Fundamentals: Wheat futures managed to stabilize with the help of a firmer tone in the corn and bean pit yesterday. There is not a whole lot of new news on the markets, so we will be focusing on money flow, sentiment, and technicals for the foreseeable future.
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