BREAKING: Secretary Perdue and other USDA officials will hold a briefing call at 9:30cst regarding USDA’s specific plans to support farmers. President Trump has scheduled remarks after the markets close.
Yesterday’s Close: July corn futures finished yesterday’s session up 1 cent, trading in a range of 10 ¼ cents. Funds were estimated buyers of 14,500 contracts.
Fundamentals: The weather continues to be the leading catalyst for price action as we approach a 3-day weekend. This will likely lead to a volatile re-open next week, higher for wet weather and lower for less precipitation than expected. Regardless, next week’s crop progress will likely show continued delays in problem areas like Illinois, Indiana, and Ohio. Yesterday’s weekly EIA ethanol report showed production at 1.071 million barrels per day, up 20,000 from the previous day. Export sales came in at 422,100 metric tons for 2018/2019 and 183,900 metric tons for 2019/2020.
Yesterday’s Close: July soybean futures finished yesterday’s session up 8 ¼ cents, trading in a range of 16 cents. Funds were estimated buyers of 7,000 contracts.
Fundamentals: The market is trying to find traction but is finding it hard to find bullish news. The possibility of more acres coupled with the lack of trade progress with China weighs heavy on the market, which is why we have kept our bias as neutral. Secretary Perdue and other USDA officials are set to hold a briefing call at 9:30cst today to lay out specifics on their plan to support farmers, this will likely result in a choppy trade. Export sales this morning came in at 535,800 metric tons for 2018/2019 and 5,100 metric tons for 2019/2020.
Yesterday’s Close: July wheat futures finished yesterday’s session down 3 ¾ cents, trading in a range of 12 ½ cents. Funds were estimated sellers of 4,500 contracts.
Fundamentals: The market softened up again yesterday as producers look to take some risk off the table and spec longs take profits from a nice run higher. Export sales this morning came in 48,400 metric tons for 2018/2019 and 344,900 metric tons for 2019/2020.
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