Yesterday’s Close: March corn futures finished yesterday’s session up 1 ¾ cents, trading in a range of 3 cents.
Fundamentals: Yesterday’s weekly EIA report showed ethanol production was down another 11,000 barrels per day to 1 million barrels per day. Out side of that, there has not been a lot of new fundamental news on the wires. Estimates for the would-be Friday WASDE report have been released. U.S. ending stocks are estimated to be between 1.579-1.787 billion bushels, the average being 1.694. U.S. quarterly stocks are estimated to be near 12.097 billion bushels. The average yield estimate is 178, putting the average production estimate at 14.538 billion bushels.
Yesterday’s Close: March soybean futures finished yesterday’s session up 6 cents, trading in a range of 9 cents.
Fundamentals: Soybeans have taken a pause as the market looks for new news on the wires. Not much came from the trade talks with China, but the continued/frequent conversations are a silver lining. There will not be a WASDE report tomorrow, but estimates are coming out from private analysts. The average estimate for U.S. yield comes in at 51.8 bushels per acre, putting production at 4.572 billion bushels. The average estimate for Quarterly Stocks is 3.725 billion bushels. U.S. ending stocks at 904 million bushels, with estimates ranging from 798-980. Trade talks with China seemed to be productive, but nothing other than that.
Yesterday’s Close: March wheat futures finished yesterday’s session up ¼ of a cent, trading in a 5 ½ cents.
Fundamentals: The market is always digesting information before it hits the news wires, so the fact that we are not getting a USDA report doesn’t bother us. Analyst estimates have become better and better with the constant flow of information and technology. The average estimate for all winter wheat seedings comes in at 32.279 million acres, with estimates ranging from 31.513-33.30 million acres. U.S. quarterly stocks estimates come in near 1.96 billion bushels. U.S. ending stocks come in near 987 million bushels.
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