Yesterday’s Close: May corn futures finished the session down 2 ¾ cents, trading in a range of 7 ¼ cents for the session. Funds were estimated sellers of 6,000 contracts.
Fundamentals: Export inspections yesterday morning came in at 1,153,963 metric tons, this was essentially inline with expectations. All eyes will be on Thursdays Prospective Plantings and Quarterly Stocks report as we round out the month and quarter. US Corn acres are expected to come in shy of 90 million acres. The quarterly stocks number is expected to come in around 8.710 billion bushels which is at the top of the charts for being one of the biggest for this March 1st report.
Yesterday’s Close: May soybean futures finished the session down ½ a cent, trading in a range of 15 ¼ cents. Funds were estimated sellers of 2,000 contracts on the day.
Fundamentals: Export inspections yesterday morning came in at 584,612 metric tons, this was within the range of estimates. The USDA did announce a sale of 132,000 metric tons to Unknown yesterday, along with a sale of 120.000 metric tons of soymeal to Spain; both of which helped stabilize prices. This weeks attention is all on Thursday’s Propsective Plantings and Quarterly Stocks report. Planted acres is expected to come in near 91 million acres. Quarterly stocks are expected to be around 2.030 billion bushels; like corn, this would be towards the top of the “all time” list for this report.
Yesterday’s Close: May wheat futures finished the session down 5 ¾ cents, trading in a range of 12 ½ cents. Funds were estimated sellers of 4,000 contracts for the day.
Fundamentals: yesterdays weekly export inspections came in at 278,815 metric tons, this was towards the low end of estimates. Winter wheat crop ratings were released yesterday, Kansas is at 13% good/excellent, this is up 2% from the previous week. Oklahoma is at 9% good/excellent, up 4% from the previous week. Texas is at 12% good/excellent, this is up 10% from the previous week. It appears that recent price action has been working this into the market as the market reaction has been mute; keep in mind this is a futures market, so it is always taking in information before it is printed. Thursdays Quarterly Stocks report is expected to come in near 1.493 billion bushels, this compares to the 1.659 we saw last year.
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