Yesterday’s Close: May corn futures finished the day down 1 cent, trading in a range of 2 ¼ cents. Funds were estimated sellers of 3,000 contracts.
Fundamentals: Yesterday’s weekly EIA ethanol report showed ethanol production at 1.057 million barrels per day, this was a bump of 13,000 barrels per day from the previous week. Ethanol production continues to hang above average levels which has been supportive to the market. Export sales this morning came in at 1,857,000 metric tons, this compares with the expected range from 1,000,000-1,600,000 metric tons. This mornings USDA report will be released at 11 am cst. The corn carryout is expected to come in between 2.222-2.352 billion bushels with the average estimate coming in at 2.313 billion bushels. Brazil corn production is expected to be pegged at 91.6mmt with the range coming in from 86.2-95.5mmt. Argentina production estimates range from 33-38.5mmt with the average estimate coming in at 36.5.
Yesterday’s Close: May soybean futures finished yesterday’s session down 11 ¼ cents, trading in a range of 14 ¼ cents on the day. Funds were estimated sellers of 8,000 contracts.
Fundamentals: Export sales this morning came in at 2,509,000 metric tons, this compares with the expected range from 1,000,000-1,700,000 metric tons. Market participants are looking forward to getting some new news today that will come in the form of a USDA report which is due out at 11am cst. Soybean carryout estimates are ranging from .490-.590 billion bushels with the average estimate coming in at .529 billion bushels. Brazil soybean production estimates are ranging from 112.0-116.0mmt with the average estimate coming in at 113.0mmt; this compares to last month’s 112.0mmt. Estimates for Argentina’s production range from 45-53.5mmt with the average estimate coming in at 48.5; this compares to last month’s 54mmt.
Yesterday’s Close: May wheat futures finished yesterday’s session down 8 ¾ cents, trading in a range of 13 ¾ cents on the day. Funds were estimated sellers of 6,500 contracts.
Fundamentals: This mornings export sales came in at 391,000 metric tons, this compares with the expected range from 200,000-600,000 metric tons. The wheat carryout is expected to come in near 1.007 billion bushels with the range of estimates coming in from .970-1.035 billion bushels; last months came in at 1.009. Today’s USDA report will be mostly focused on corn and beans, but we could see spill over price action from those markets.
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