Yesterday’s Close: May corn futures finished yesterday’s session up 2 cents, trading in a range of 3 on the day. Funds were estimated buyers of 15,500 contracts.
Fundamentals: The market continues to grind higher to start the week as funds extend their newly established net long position. There is not much new news on the wire this morning to report. Weekly ethanol numbers will be released this morning, last weeks production number came in at 1.068 million barrels per day. Export sales tomorrow will be watched closely as well. We expect the acres chatter to start picking up as market participants look forward to next months (March 29th) Prospective Plantings report. Corn planting in Parana Brazil is said to be 42% complete, this up from 16% last week.
Yesterday’s Close: May soybeans finished yesterdays session up 3 cents, trading in a range of 12 ¼ cents on the day. Funds were estimated buyers of 10,000 contracts on the session.
Fundamenals: We don’t mean to sound like a broken record but there is just not a lot of new news on the wires which keeps South American weather at the top of the list for catalysts. For the most part, Argentina looks to be dryer than normal over the next week. Harvest in Parana Brazil is said to be 27% complete, this up from 9% last week. Brazil will be helping to fill the void in Argentina as they are expected to see better yields. Attention will start to turn towards next months Prospective Plantings report.
Yesterday’s Close: May wheat futures finished yesterday’s session up 3 ¾ cents, trading in a range of 5 ½ on the day. Funds were estimated buyers of 4,000 contracts.
Fundamentals: Wheat futures continue to work higher with KC leading the way this morning. Poor crop ratings and less than ideal moisture has kept a bid in the market. Two thirds of the winter wheat areas are below average precipitation for this time. The dollar has been working lower over the past few months which has also helped off support to commodities like wheat. Bulls will want to see this reflected in exports. Export sales will be released tomorrow morning.
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.