Yesterday’s Close: March corn futures finished yesterday’s session down 7 ½ cents, trading in a range of 10 cents. Funds were estimated sellers of 20,000 contracts on the day.
Fundamentals: Corn futures broke down yesterday, triggering a wave of technical selling. As far as the headlines go, there wasn’t anything substantive over the last 24-hours. The weekly EIA ethanol report will be out at 9:30 am cst. We are cautiously optimistic on prices going into today’s session.
Yesterday’s Close: March soybean futures finished yesterday’s session down 9 ¾ cents, trading in a range of 15 ½ cents. Funds were estimated sellers of 7,500 contracts on the day.
Fundamentals: Soybeans continued to work lower yesterday on lack of friendly news. In yesterday’s report we said: “We would not be surprised to see the market drift lower/chop sideways for the remainder of the week. As we start getting closer to the meeting between US and China trade officials at the end of the month, we would look for a premium to work back into the market.”. Our thoughts remain the same this morning but looking for the market to hold a little better now on technical support (see technicals below).
Yesterday’s Close: March wheat futures finished yesterday’s session down 3 ¼ cents, trading in a range of 10 ¼ cents. Funds were estimated sellers of 4,000 contracts on the day.
Fundamentals: Wheat futures softened yesterday, but for the most part held well considering the carnage in the corn and bean pits. We believe yesterday’s pressure was a lot of spillover from corn and beans, with little to do with a bearish fundamental change.
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