Yesterday’s Close: May corn futures closed 1 ¾ cents lower, trading in a range of 5 ¼ cents on the day. Funds were estimated sellers of 8,000 contracts for the session.
Fundamentals: Yesterday export sales came in at 2,605,029 metric tons, not only was this was well above the expected range of 1,300,000-1,600,000 metric tons, it was also the largest in 23 years. Better exports have been a growing trend which has obviously helped support prices recently. Rosario Grain Exchange lowered their production estimates for Argentina, they have them at 32.0 mmt, this is down from the 35mmt they previously estimated; USDA has production at 36 mmt. Attention will start to turn towards weather in the US and the Prospective Plantings report at the end of the month. We will start compiling those estimates and have them available over the next two weeks.
Yesterday’s Close: May soybeans finished the day up 10 cents, trading in a range of 19 ¼ cents. Funds were estimated buyers of 9,000 contracts for the day.
Fundamentals: Export sales yesterday morning came in at 1,346,931 metric tons, this was towards the top end of the expected range from 900,000-1,400,000 metric tons. Though this was a good number, the bulls need to see better than expected to get on pace with the USDA. Yesterday’s NOPA crush report came in at 153.719 million bushels, this was well above the estimated 149.43 million bushels. The Rosario Grain Exchange lowered production in Argentina to 40 mmt, this is down from their previous estimate of 46mmt; USDA has them at 47mmt. As with corn, attention will start shifting towards developments in the states. Weather will start to be watched more closely into and after the Prospective Plantings report at the end of the month.
Yesterday’s Close: March wheat futures closed 10 cents lower, trading in a range of 17 ¼ cents for the day. Funds were estimated to have been sellers of 7,000 contracts on the session.
Fundamentals: Export sales for wheat came in at 219,552 metric tons this was below the low end of the expected range which came in from 250,000-650,000 metric tons. The poor export sales have been something that has acted as a headwind for the market in recent months. There were some rains on the radar that could over relief in some areas, but it looks like the major concern areas are going to fall short.
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