Time to buy beans?

Published on: 14:06PM Dec 15, 2017

(Yesterdays "2 Minute Drill"  12.14.17)

CORN (March)

Yesterdays Close: March corn futures traded lower by ¼ cent yesterday, trading in a range of 2 ¾ cents on the session.  Funds were estimated sellers of 1,000 contracts.

Fundamentals:  Yesterdays export sales came in at 866,900 metric tons, this was within the range of estimates from 700,000-1,100,000 metric tons and slightly lower than last weeks 876,400 tons.  The market is wanting to see a string of better than expected data to start trending prices off of the bottom.  We’ve had great ethanol reports recently and in line export expectations, and we are still at contract lows which is concerning for the bull camp.    There is some weather premium in the market (though hit doesn’t feel like it since we are at the low), if forecasts turn more favorable for corn we could see more aggressive selling come into the market. 

Technicals: Enjoy the full report here!


SOYBEANS (January)

Yesterdays Close: January soybean futures closed 13 cents lower yesterday, trading in a range of 14 ½ cents on the session.  Funds were estimated sellers of 9,000 contracts.

Fundamentals:  Yesterdays export sales number came in at 1,452,700 metric tons, this was on the low end of the expected range from 1,400,000-2,000,000 metric tons and well below last weeks 2,015,794 metric tons.  As with corn and wheat, the market needs to see better than expected export sales to support the market; within expectations doesn’t mean what it used too.  NOPA crush today is expected to come in between 161-165 million bushels, this report will be out at 11 am cst.  Weather in South America will continue to be important, there are no significant changes in forecasts to report at this moment. 

Technicals: Enjoy the full report here!


WHEAT (March)

Yesterdays Close:  March wheat futures closed 2 ¼ cents lower yesterday, trading in a range of 4 ¾ cents on the day.  Funds were estimated buyers of 2,000 contracts on the day. 

Fundamentals: Export sales yesterday came in at 588,000 metric tons, this was above the range of expectations from 250,000-450,000 metric tons and the biggest read we have seen in over a month.  As mentioned with corn and beans, the bulls need to see a trend of better exports, not just one beat a month.  We continue to believe that global supplies and poor demand will keep a lid on any significant move to the upside, ultimately creating sell opportunities on bounces. 

Technicals: Enjoy the full report here!



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