Yesterday’s Close: December corn futures finished yesterday’s session up 4 cents, trading in a range of 6 ¾ cents.
Fundamentals: Yesterday’s Crop Progress report showed harvest is 39% complete, still ahead of the 5-year average despite recent delays for some. Good/Excellent ratings came in at 68%, unchanged from last week. Weather will continue to be monitored through the Midwest with wet/winter weather causing harvest delays. If the weather breaks, we would not be surprised to see some premium come back out of the market. Funds have been covering short positions and are likely now net long the market.
Yesterday’s Close: November soybean futures finished yesterday’s session up 24 cents, trading in a range of 28 ½ cents.
Fundamentals: Soybeans caught a big bid to start the week, thanks to some bullish fundamental developments. It was reported that the US sent two cargoes of beans to China, something the bulls believe could turn into a trend. Weather in the Midwest has also put a premium into the market as some areas are at a harvest standstill. Yesterday’s Crop Progress report showed harvest is 38% complete, well behind the 5-year average pace of 53%. The big delays are in Iowa, Minnesota, North Dakota, and South Dakota where harvest is 32%, 31%, 33% and 36% behind the 5-year average. NOPA crush came in at 160.779 million bushels, well above the expectations.
Technicals: In yesterday morning’s report we said: “Our resistance pocket from 870 ¾-875 was defended by the bears last week, but a retest this week would likely lead to another round of short covering. The chart has been more constructive as of late and if the bulls can get this next leg higher we would mark higher lows and higher highs, giving the bull camp a clear advantage for the intermediate term. The next line in the sand for resistance comes in at 889.”. This played out well for those who were able to jump on board. If you were able to be long we would recommend....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
Yesterday’s Close: December wheat futures finished yesterday’s session up 7 cents, trading in a range of 11 ¼ cents.
Fundamentals: Wheat was the beneficiary of corn and beans working higher, prompting some spillover momentum into wheat. With that said, if corn and beans start to pull back, that will be a bigger headwind for wheat in the very near term. Weather continues to be monitored through the Midwest as winter wheat planting continues to roll onward (for most).
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