Yesterday’s Close: December corn futures finished yesterday’s session up 2 ½ cents, trading in a range of 7 ¾ cents. Funds were estimated buyers of 10,000 contracts on the day.
Fundamentals: Crop progress was released yesterday afternoon due to the holiday; good/excellent ratings fell 1% to 67%, this is still well above the 61% we saw last year at this time. Outside of crop progress, there has not been a whole lot of new news to report over the last 24 hours, which will keep our focus on money flow and technicals.
Yesterday’s Close: November soybean futures finished yesterday’s session down 1 ¾ cents, trading in a range of 14 ¾ cents. Funds were estimated buyers of 4,000 contracts on the day.
Fundamentals: Yesterday afternoon’s crop progress report showed good/excellent conditions at 66%, in line with what analysts were expecting and well above the 61% we saw for the same time last year. We are keeping an eye on the potential swine flu disruptions in China, this could have major implications on the soybean meal market which could spill over into soybeans. Export inspections came in at 769,357 metric tons, within the range of expectations.
Yesterday’s Close: December wheat futures finished yesterday’s session down 14 ¾ cents, trading in a range of 23 cents. Funds were estimated sellers of 7,000 contracts.
Fundamentals: Wheat futures traded lower to start the week on news that Russia would not tighten up their export program like reported, headlines that we used as an opportunity to sell against. Yesterday’s crop progress report showed that U.S. spring wheat harvest is now 87% complete, this is 2% shy of what most were looking for, but right in line with the same time last year.
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