Yesterday’s Close: December futures finished yesterday’s session up ½ of a cent, trading in a 4 ½ cent range for the day. Funds were estimated buyers of 5,500 contracts on the day.
Fundamentals: Due to Veterans day, the weekly Crop Progress report was pushed back to this afternoon. With harvest all but complete, the report will be watched with little excitement. Expectations are for corn harvest to be 88% complete, 2% ahead of the 5-year average. The dollar made new highs on the year yesterday but is retreating in the early morning trade. If the dollar continues to march higher, it will be a headwind for corn.
Yesterday’s Close: January soybeans finished yesterday’s session down 4 ½ cents, trading in a range of 7 ¾ cents on the day. Funds were estimated sellers of 4,500 contracts on the day.
Fundamentals: Due to Veterans day, the weekly Crop Progress report was pushed back to this afternoon. With harvest winding down, there won’t be much to write home about in the report. Weekly Crop Progress this afternoon is expected to show soybean harvest at 90% complete, just 3% behind the 5-year average.
Yesterday’s Close: December wheat futures finished yesterday’s session up 16 ½ cents, trading in a range of 19 ½ cents. Funds were estimated buyers of 7,500 contracts on the day.
Fundamentals: Wheat futures surged higher yesterday, despite the U.S. dollar making new highs on the year. The other head scratcher was the lack of correlation with the Kansas City contract, this leads us to believe much of the move was likely short covering from the funds. Due to Veterans day, the weekly Crop Progress report will be released today. Expectations for the weekly Crop Progress report this afternoon is for winter wheat planting to be 90% complete with a crop rating of 52% good/excellent, this would be up 1% from last week.
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