Yesterday’s Close: May corn futures closed ¼ of a cent lower yesterday, trading in a range of 3 ¾ cents. Funds were estimated sellers of 1,000 contracts on the session.
Fundamentals: Not much new news on the wires over the last 24 hours as market participants gear up for tomorrows Prospective Plantings and Quarterly Stocks report. 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. Export Sales will be out tomorrow as usual. Keep in mind that it is a shortened week which also aligns with end of month and end of quarter, this could keep things interesting into the long weekend.
Yesterdays Close: May soybean futures finished the session down 7 cents, trading in a range of 14 cents for the day. Funds were estimated sellers of 3,500 contracts.
Fundamentals: As with corn, there is not much new news to report for soybeans over the last 24 hours; all the attention is on tomorrows Prospective 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. Once we get this report behind us, all eyes will be on weather here in the states. Keep in mind that it is the end of the month and quarter which could lead to some position squaring from funds before the long weekend.
Yesterday’s Close: May wheat futures finished the session down 5 ½ cents, trading in a range of 8 ¾ cents. Funds were estimated sellers of 3,000 contracts for the day.
Fundamentals: Market participants are anxiously awaiting tomorrows USDA report where we will get new news that doesn’t revolve around weather. Tomorrows Quarterly Stocks report is expected to come in near 1.493 billion bushels, this compares to the 1.659 we saw last year. All wheat acres are expected to come in around 46.3 million acres. Export sales will be tomorrow morning as usual. Keep in mind that it is the end of the month and quarter which could lead to some position squaring from funds before the long weekend.
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