Yesterday’s Close: March corn finished yesterdays session up 1 ¼ cents, trading in a range of 2 ¾ cents on the day. Funds were estimated buyers of 7,000 contracts.
Fundamentals: There was a sale of 130,000 metric tons to “unknown” yesterday for the 2017/2018 marketing year. This mornings export sales came in at 1,620,900 metric tons, this compares to the expected range from 1,000,000-1,500,000 metric tons; last week’s came in at 1,974,467 metric tons. Weekly ethanol production came in at 1.068 million barrels per day, this was up from the 1.106 in the previous week. The USDA released their outlook for the coming year, they have corn acres at 90 million, this is down .2 from last year. March option expiration is today, there are still a lot of in the money calls which could keep a lid on things today.
Yesterday’s Close: March soybeans finished down 6 ¾ cents yesterday, trading in a range of 9 ¾ cents. Funds were estimated sellers of 5,500 contracts.
Fundamentals: There was a sale of 110,000 metric tons to “unknown” yesterday. Export sales this morning came in at 113,000 metric tons, this compares to the expected range from 600,000-900,000 metric tons; last weeks export sales came in at 640,362 metric tons. There was also a large cancelation this morning. The USDA released their outlook for the coming year, they are looking for 90 million acres of beans, this was down .1 from last year. Weather in Argentina continues to be the key headline supporting prices. Chances for rain are in the intermediate term forecast but looks to be isolated at this point. Expect to see a gap either way Sunday night depending on updated weekend forecasts. We would expect to see the market stay “juiced” going into the weekend.
Yesterday’s Close: March wheat futures finished yesterdays session up 3 ¼ cents, trading in a range of 7 ¼ on the day. Funds were estimated buyers of 3,000 contracts.
Fundamentals: Export sales this morning came in at 382,500 metric tons, this compares to the expected range from 250,000-500,000 metric tons; last weeks export sales came in at 311,123 metric tons. USDA released their outlook yesterday and had wheat acres at 46.5 million, this was up .5 million acres from last year. The IGC (International Grain Council) left 2017/2018 production unchanged. They expect to see wheat stocks drop in 2018/2019, this would be the first time in six seasons. We continue to keep an eye on the USD as that can play a role in commodity exports.
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