Yesterday’s Close: July corn futures finished yesterday’s session up 1 ½ cents, trading in a range of 9 cents.
Fundamentals: Corn futures managed to finish yesterday’s session on higher ground, the first positive session of the week, in what was a rather choppy trade. Export sales yesterday morning came in at 782,900 metric tons, within the range of expectations. Option expiration has likely been playing a role in price action this week, once we get this event behind us, we believe the market will be in a better spot to try and stage a rally.
Yesterday’s Close: July soybean futures finished yesterday’s session up 2 ¾ cents, trading in a range of 9 ¼ cents.
Fundamentals: Soybean futures saw a small bounce yesterday as some minor short covering helped support prices near the contract lows from September. Export sales yesterday morning came in at 619,000 metric tons, within the range of expectations. U.S. trade representatives will be heading to China next week, perhaps headlines from this will offer some near-term support to the oversold market.
Yesterday’s Close: July wheat futures finished yesterday’s up 2 ¾ cents, trading in a range of 9 cents.
Fundamentals: Wheat futures saw a bit of a bounce yesterday on the back of short covering near contract lows. Export sales yesterday morning came in at 651,500 metric tons, within the range of expectations. Our bias has been neutral all week, but we are putting a bullish tilt on it today as the risk/reward ratio looks favorable to the bull camp.
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