Yesterday’s Close: May corn futures closed 7 cents lower yesterday, trading in a range of 7 ¼ cents on the day. Funds were estimated to have been sellers of 25,000 contracts.
Fundamentals: Export inspections yesterday morning came in at 1,409,281 metric tons, this was towards the top end of the expected range from 1,200,000-1,500,000 metric tons; last weeks number came in near 1,377,000 metric tons. USDA announced the sale of 206,000 metric tons of corn to Japan and another sale of 115,000 metric tons to unknown. Much of yesterdays pressure came on the back of tremendous weakness in the soybean and wheat markets as the pressure fed on itself through the session due to better weather forecasts. The highly anticipated Prospective Plantings report is just over a week away and we could see additional position squaring ahead of that.
Yesterday’s Close: May soybeans finished the day down 24 ¾ cents, trading in a range of 23 ¾ cents for the day (gap lower). Funds were estimated sellers of 16,000 contracts.
Fundamentals: Export inspections yesterday morning came in at 490,536 metric tons, well below the expected range of 700,000-1,050,000 metric tons; last weeks inspections number came in at 930,000 metric tons. Weather in Argentina is the main headline driver for the weakness which seemingly fed on itself through the session. The near-term weather outlook offers the chance for additional precipitation. We will continue to keep an eye on this and the true affects as harvest starts to pick up. The all important Prospective Plantings report is just over a week away, we will hope to have estimates compiled for you by early next week.
Yesterday’s Close: May wheat futures finished yesterdays session down 16 cents, trading in a range of 15 ¾ cents on the day (gap lower). Funds were estimated sellers of 13,000 contracts on the day.
Fundamentals: Export inspections yesterday morning came in at 443,269 metric tons, this was right at the top end of the expected range from 275,000-450,000 metric tons; last weeks inspections number came in at 429,000 metric tons. Weather was the major headline to start this week’s trade, good rains in some key areas with potentially more on the way led to the rapid decline in prices. We continue to keep an eye on the KC contract is it will likely continue to be the leader.
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