Yesterday’s Close: July corn futures finished yesterday’s session unchanged, trading in a range of 12 cents. Funds were estimated buyers of 18,000 contracts.
Fundamentals: The market started yesterday’s session on a high note but spent the rest of the day retreating as the net long producers took advantage of the huge 3-day rally. Weather concerns linger which offers a friendly backdrop for prices. Export sales this morning came in at 634.1tmt, within the range of expectations. Yesterday’s weekly EIA ethanol report showed production at 1.051 million barrels per day, up from 1.036.
Yesterday’s Close: July soybean futures finished yesterday’s session up 5 ¾ cents, trading in a range of 21 ¼ cents. Funds were estimated buyers of 5,500 contracts.
Fundamentals: The market filled the gap as short covering continued to support grain prices in yesterday’s session. Secretary Mnuchin said he may be visiting China soon, there wasn’t any details or conviction in that statement. NOPA crush came in at 159.99 million bushels, shy of the expectations, 161.607 million bushels. Export sales this morning came in at 674.3 tmt, within the range of expectations.
Yesterday’s Close: July wheat futures finished yesterday’s session down 2 cents, trading in a range of 17 cents.
Fundamentals: Short covering in the grains helped support wheat futures early on but was met by sellers against technical resistance. Export sales this morning came in at 533.9 tmt, towards the top end of expectations. We will continue to keep a close eye on money flow and technicals as those two will be leading drivers for the remainder of the week.
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