Yesterday’s Close: July corn futures finished yesterday’s session unchanged, trading in a range of 4 ¾ cents.
Fundamentals: yesterday’s crop progress report showed that the U.S. corn crop is 15% planted, in line with last year’s pace but still behind the 5-year average, 27%. Near term weather outlooks continue to look wet, likely extending planting delays for some areas in the Midwest. Weekly export inspections came in at 1.4 mmt, a notch above the top end of estimates.
Yesterday’s Close: July soybean futures finished yesterday’s session down 5 ¼ cents, trading in a range of 12 ½ cents.
Fundamentals: Yesterday’s crop progress report showed that the U.S. soybean crop is 3% planted, behind last years pace by 2% and lagging the 5-year average by 3%. If weather delays continue in the Midwest, there is a possibility we see some acres shift from corn to beans. Weekly export inspections came in at 492tmt, within the range of expectations. U.S. trade representatives will be in Beijing today to continue trade negotiations, though we do not expect any significant news, a positive spin is inevitable.
Yesterday’s Close: July wheat futures finished yesterday’s session down 8 ¼ cents, trading in a range of 13 cents.
Fundamentals: Yesterday’s crop progress report showed the spring wheat crop is 13% planted, ahead of last years pace but far behind the 5-year average 33%. Winter wheat good/excellent ratings came in at 64%, far better than last years 34% and well above the 5-year average of 45%. A great looking crop on top of ample global supplies has been a hurdle to high for the bulls.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.