Estimates are out for grains

Published on: 14:17PM Jan 09, 2019

Grain Express

 

January 9, 2019

 
 

Corn (March)

 

Yesterday’s Close:  March corn futures finished yesterday’s session down 2 ¾ cents, trading in a range of 5 ½ cents.  Funds were estimated sellers of 7,000 contracts.

 

Fundamentals: Though we are not planning on getting the WASDE report Friday afternoon, industry estimates are continuing to flow, which are usually inline with what USDA produces anyway.  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. 

 

Technicals:  The market....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Soybeans (March)

 

Yesterday’s Close:  March soybean futures finished yesterday’s session down 5 cents, trading in a range of 11 ¼ cents.  Funds were estimated sellers of 2,500 contracts.

 

Fundamentals:  Reuters has compiled and released several estimates for what would be Friday’s WASDE report.  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.

 

Technicals:  The market saw....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Wheat (March)

 

Yesterday’s Close:  March wheat futures finished yesterday’s session up 2 ¾ cents, trading in a range of 10 ¾ cents.  Funds were estimated buyers of 3,500 contracts.

 

Fundamentals:  The WASDE report is not scheduled to be released Friday, but that has not stopped fundamental analysts from crunching their numbers as estimates continue to be released.  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. 

 

Technicals:  The market is at....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

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