Yesterday’s Close: May corn futures finished yesterday’s session down 2 ¼ cents, trading in a range of 4 cents.
Fundamentals: Corn futures softened up yesterday on the back of a lack luster export inspections number and risk reduction from producers. Yesterday’s crop progress report showed that planting is 2% complete, in line with expectations. The Midwest is bracing for another winter/spring storm this Wednesday and Thursday, but the market doesn’t seem to care. Though the technicals are bearish, it’s hard to argue the short side with current conditions and a near record short position from the funds. Today’s WASDE report will be out at 11 am cst. Corn stocks are expected to come in near 1.991 billion bushels.
Yesterday’s Close: May soybean futures finished yesterday’s session up ¼ of a cent, trading in a range of 5 ½ cents.
Fundamentals: Export inspections yesterday morning came in at 888,160 metric tons, this was towards the top end of estimates. Today’s WASDE report will be out at 11am cst, expectations are for ending stocks to be near 898 million bushels. Once we get this report behind us, attention will turn back towards lingering hopes of a trade deal with China. We are not all that optimistic of something happening here in the near term, but the possibility of something happening at anytime has certainly helped offer some support to the market.
Yesterday’s Close: May wheat futures finished yesterday’s session down 4 cents, trading in a range of 9 ¼ cents.
Fundamentals: Export inspections yesterday morning came in at 538,808 metric tons, within the range of expectations. Yesterday’s crop progress report showed Good/Excellent ratings at 60%, this was 4% better than expectations and last week’s number, putting pressure on prices in the overnight/early morning. Spring wheat planting came in at 1% complete, expectations were for 3%, the five-year average is 5%. Today’s WASDE report will be out at 11am cst, estimates are for ending stocks to come in near 1.072 billion bushels.
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