Last Week’s Close: March corn futures finished Friday’s session don 2 ¼ cents, trading in a range of 7 ¾ cents. Futures were down 4 cents on the week.
Fundamentals: Friday’s highly anticipated USDA report was a bit of a snooze fest for those expecting a pop in volatility. That type of market reaction all but confirms our stance that the market is as efficient as ever, making scheduled reports less significant. One of the headwinds for Ag markets recently has been the resurgence in the U.S. Dollar, as it continues its longest daily win streak in two years.
Last Week’s Close: March soybean futures finished yesterday’s session down 8 ¼ cents, trading in a range of 11 cents. Funds were estimated sellers of 7,500 contracts on the day.
Fundamentals: With the dud of a USDA report behind us, attention has quickly turned back to trade negotiations with China. We do not expect much to come from the meetings but continue to believe the continuous discussions will keep a floor in the market and make dips a buying opportunity.
Last Week’s Close: March wheat futures finished Friday’s session up 4 ¾ cents, trading in a range of 8 ¾ cents. Futures were down 6 ½ cents for the week.
Fundamentals: Wheat futures have been hampered by the longest dollar rally in two years and a stagnate corn and bean market hasn’t provided an ounce of tailwind momentum. Winter wheat acres came in at 31,290,00, the lowest since 1909, even this fell short of offering support to the market.