Yesterday’s Close: December corn futures finished yesterday’s session down 5 cents, trading in a range of 6 ½ cents. Funds were estimated sellers of 16,500 contracts.
Fundamentals: The lack of bullish headlines and the ideas of a big crop continue to weigh heavy on the market, inviting new sellers to step in and encourage longs to throw in the towel. We would not be surprised to see the pressure continue as harvest starts to rev up. The only news on the horizon for the remainder of the week is weekly ethanol data today and export sales tomorrow. We would not be surprised to see things die down considerably with the holiday upon us.
Yesterday’s Close: November soybeans finished yesterday’s session down 15 cents, trading in a range of 17 ½ cents. Funds were estimated sellers of 9,000 contracts.
Fundamentals: As with corn, the lack of bullish headlines are leaving market participants to only talk about the big crop coming down the pipeline. We would not be surprised to see the market continue to work lower as harvest starts to ramp up. There will be light at the end of the tunnel, but we have a hard time seeing it right now. Export sales will be released tomorrow morning, after that there is not a lot on the schedule for news and with it being a holiday weekend we could see things die down considerably.
Yesterday’s Close: December wheat futures finished yesterday’s session down ¾ of a cent, trading in a range of 10 ½ cents. Funds were estimated to have been flat wheat.
Fundamentals: The market has been trending lower for the better part of the last month as concerns over tightening supplies subside. The market is rebounding in the early morning trade but is more of a technical move in our mind (see full technical breakdown below). We also take the overnight and early morning trade with a grain of salt due to the lack of participation, volume confirms price. If we see additional short covering, you can expect to see more headlines appear that read something like “Global Production Concerns ……….”. We will likely write those headlines off as much of that has been priced in already.
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