Last Week’s Close: December corn futures finished Friday’s session up 1 ¼ cents, putting prices in positive territory by 1 ½ cents for the week. Futures traded in a 8 ¾ cent range during the shortened trading week. Friday’s Commitment of Traders report showed funds sold 1,234 through September 4th, expanding their net short position to 80,539 futures.
Fundamentals: Crop progress will be released after the close today, we are not expecting any significant changes. The big-ticket item this week will be the USDA report Wednesday (11am cst). Early estimates are for U.S. yields to come in at 177.8, slightly below last months 178.4. U.S. production estimates are coming in near 14.53 billion bushels, just below last month’s 14.586. U.S. carryout is expected to come in near 1.64 billion bushels, slightly lower than last month’s 1.684.
Last Week’s Close: November soybean futures finished Friday’s session up 5 ¾ cents, trimming losses for the week to just ½ of a cent. Futures traded in a 16 ¾ cent range during the shortened trading week. Friday’s Commitment of Traders report showed funds sold 8,550 futures through September 4th, expanding their net short position to 69,799.
Fundamentals: Crop progress will be released after the close today, but the more significant headlines will come Wednesday in the form of a USDA report. Early estimates for U.S. soybean yields are 52.2, up from last months 51.6. Production is also estimated to be higher with estimates coming in near 4.65 billion bushels, up from last months 4.586. U.S. carryout estimates are coming in near .830 billion bushels, up from last month’s .785.
Last Week’s Close: December wheat futures finished Friday’s session down 1 ½ cents, extending losses for the week to 33 ½ cents. Futures traded in a 35 cent range during the shortened trading week. Friday’s Commitment of Traders report showed funds sold 10,101 futures through September 4th, trimming their net long position to 35,997.
Fundamentals: Wheat has hard a hard time finding a silver lining over the last months as funds have continued to liquidate their net long position in the face of no more bullish news. We do have a USDA report this week, but the report will focus on corn and beans, the wheat market will be susceptible from spillover in those two markets. U.S. wheat carryout is estimated to come in near .940 billion bushels, up a hair from last month’s .935.
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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.