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.
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.
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.
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.