Yesterday’s Close: March corn futures finished yesterday’s session down 5 cents, trading in a range of 6 ¾ cents. Funds were estimated sellers of 16,000 contracts on the day.
Fundamentals: Yesterday’s price action was technical in nature (see technical section below) as the market continues to keep its ear to the ground for new news. Estimates for the would-be WASDE report today have been released. U.S. ending stocks are estimated to be between 1.579-1.787 billion bushels, the average being 1.694. U.S. quarterly stocks are estimated to be near 12.097 billion bushels. The average yield estimate is 178, putting the average production estimate at 14.538 billion bushels.
Yesterday’s Close: March soybean futures finished yesterday’s session down 17 ¼ cents, trading in a range of 18 ½ cents. Funds were estimated sellers of 11,000 contracts on the day.
Fundamentals: CONAB released estimates for the Brazilian soybean crop, they have it pegged at 118.80mmt, down from last month but higher than analyst estimates. There will not be a WASDE report this morning, but estimates are out from private analysts. The average estimate for U.S. yield comes in at 51.8 bushels per acre, putting production at 4.572 billion bushels. The average estimate for Quarterly Stocks is 3.725 billion bushels. U.S. ending stocks at 904 million bushels, with estimates ranging from 798-980. Trade talks with China seemed to be productive, but nothing other than that.
Yesterday’s Close: March wheat futures finished yesterday’s session down 5 ¾ cents, trading in a range of 8 ¼ cents. Funds were estimated sellers of 4,500 contracts.
Fundamentals: Not much has changed on the fundamental landscape over the last 24-hours. The average estimate for all winter wheat seedings comes in at 32.279 million acres, with estimates ranging from 31.513-33.30 million acres. U.S. quarterly stocks estimates come in near 1.96 billion bushels. U.S. ending stocks come in near 987 million bushels.
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