Yesterday’s Close: March corn futures finished yesterday’s session up 5 cents, trading in a range of 4 ½ cents (gap higher).
Fundamentals: Export inspections came in at 1.035 mmt, this was towards the high end of the expected range from 700-1.2mmt. Much of yesterday’s move higher was on the back of spill over momentum from the soybean market, much of that has dissipated over the last 24 hours. With little new news expected on the wires, our focus will continue to be on money flow and technicals (see below).
Yesterday’s Close: January soybean futures finished yesterday’s session up 11 ½ cents, trading in a range of 19 ¼ cents.
Fundamentals: The market surged higher Sunday night but fizzled out yesterday on the lack of substance from the G-20 summit, another reminder to temper expectations. The summit was just bullish enough to offer a floor to the market but was short of being a breakout catalyst. Probabilities have shifted that something will be able to get done, and the market has been pricing that in over the last 24 hours. Weekly export inspections yesterday morning came in at 1.041 mmt, this was towards the top end of the range of expectations from 500tmt-1.3mmt. There was a flash export sale of 147,500 metric tons to “unknown”, this is likely China.
Yesterday’s Close: March wheat futures finished yesterday’s session up 3 ¾ cents, trading in a range of 12 ½ cents.
Fundamentals: Wheat futures started the week with a bang but fizzled out along with corn and beans as much of the Sunday night gains have been given back over the last 24 hours. Export inspections yesterday morning came in at 473tmt, this was towards the high end of the expected range from 300-500tmt. The US Dollar is giving up ground this morning as it appears to be running out of gas, if we see the dollar break down below 96, it could put some wind back into the sails for wheat.
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