Yesterday’s Close: March corn futures finished yesterday’s session down ½ of a cent, trading in a range of 3 cents.
Fundamentals: Weekly export inspections came in at 893,000 metric tons, below the low end of estimates from 900,000-1,000,000 metric tons. Market participants are anxiously awaiting this week’s meeting between U.S. and Chinese trade representatives. Soybeans will be the point of focus, but that will inevitably spill into the other grain markets with the potential shift in acres.
Yesterday’s Close: March soybean futures finished yesterday’s session down ¼ of a cent, trading in a range of 9 ¼ cents.
Fundamentals: Weekly export inspections came in at 929,000 metric tons, below the low end of estimates of 1,000,000-1,400,000 metric tons. Our main focus this week continues to be U.S. and Chinese trade negotiations. We are expecting headlines to provide a choppy environment for the remainder of the week. A negative tone would likely be spun positive. A positive tone would likely fade on lack of substance. In other words, we will be looking to fade those headlines baring any concrete deal.
Yesterday’s Close: March wheat futures finished yesterday’s session down 3 cents, trading in a range of 7 ½ cents.
Fundamentals: Weekly export inspections yesterday morning came in at 362,000 metric tons, below the low end of the estimated range (450,000-650,000). There are some lingering concerns that the below normal temperatures could damage the winter wheat crop, this could offer some support through the week. We remain optimistic on corn and beans and believe there is opportunity to the buy-side in wheat too. The grains move best when the work together, a lot of that money flow will be based off of this week’s trade talks.
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