Last Week’s Close: March corn futures finished Friday’s session up 2 ½ cents, extending gains for the week to 8 ½ cents. Futures traded in a range of 6 ¾ for the week, following the gap higher Sunday night. Friday’s Commitment of Traders report showed funds sold 11,208 futures through November 27th, expanding their net short position to 31,054 contracts.
Fundamentals: All eyes will be on this week’s USDA report, that will be released tomorrow at 11 am cst. Estimates for U.S. carryout range from 1.585-2.058 billion bushels. This puts the average estimate at 1.744 billion bushels, slightly higher than the 1.736 billion bushels we saw in last month’s report. There is nothing scheduled to be announced on trade, but we expect hot air and headlines to continue flying around for the foreseeable future.
Last Week’s Close: January soybeans finished Friday’s session up 6 ½ cents, extending gains for the week to 22 ¾ cents. Futures traded in a 26 ¾ cent range through the wee, following the gap higher Sunday night. Friday’s Commitment of Traders report showed funds sold 6,124 futures through November 27th, expanding their net short position to 59,303 contracts.
Fundamentals: The market opened up softer last night on concerns that U.S. and China trade relations were backtracking. We expect to see bullish/bearish headlines come and go for the foreseeable future. Tomorrow the USDA will release their monthly report, that will be out at 11 am cst. Early estimates for carryout range from .802-1.033 billion bushels. The average estimate is .938, slightly less than the .955 we saw in last month’s report.
Last Week’s Close: March wheat futures finished Friday’s session up 16 ¼ cents, putting prices in positive territory for the week by just that, 16 ¼ cents. Futures traded in a 22-cent range through the week, following the gap higher Sunday night. Friday’s Commitment of Traders report showed funds bought 898 futures through November 27th, trimming their net sort position to 38,744 contracts.
Fundamentals: Wheat futures had their biggest rally in what seems like a lifetime on Friday, thanks to better than expected export sales. We would not be surprised to see the market take pause as we inch closer towards the monthly USDA report, out tomorrow at 11 am cst. Early estimates for carryout range from .924-1.025 billion bushels, the average being .969 billion bushels. Last month’s report came in at .949 billion.
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