Yesterday’s Close: December corn futures finished yesterday’s session down 3 ¼ cent, trading in a range of 5 ¾ cents. Funds were estimated sellers of 6,500 contracts on the day.
Fundamentals: Usually we would get export sales this morning, but because the USDA is a government agency and the holiday on Monday, that has been pushed back to tomorrow. The USDA did announce a sale of 101,736 metric tons to Mexico for 2018/2019. Corn arguably has the best fundamental back drop to it but our bearish view on soybeans and wheat will likely be a headwind for prices. There is a USDA report next Wednesday, we hope to have estimates out in the weekend update.
Yesterday’s Close: November soybean futures finished yesterday’s session down 4 ¾ cents, trading in a range of 12 cents. Funds were estimated sellers of 2,500 contracts.
Fundamentals: The holiday on Monday has pushed back the release of the weekly export sales data to tomorrow morning. Private estimates for Brazilian soybean production have been raised from 118.8mmt, this up from 118.7 previously, still below the USDA’s target of 119.5mmt. There is not a lot of new news expected so headlines of record yields will likely keep a lid on any significant rally attempt in the next week. We do have a USDA report next Wednesday, we hope to have estimates in our weekend update.
Yesterday’s Close: December wheat futures finished yesterday’s session down 10 ½ cents, trading in a range of 17 cents. Funds were estimated sellers of 3,500 contracts on the day.
Fundamentals: Wheat continues to work lower on the absence of any bullish news, terrible demand, and ample supply. Any bullish headlines will likely be sold into as it appears funds are in liquidation mode, something we have been talking about for the last several weeks now. Due to the holiday earlier in the week, weekly export sales will be released tomorrow morning. There is a USDA report next Wednesday, we do not anticipate a lot of new news between now and then.
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