Yesterday’s Close: March corn futures finished yesterday’s session up ¼ of a cent, trading in a range of 2 ¼ cents.
Fundamentals: Corn futures managed to finish the first trading day of the week marginally higher on some follow through from last week’s momentum. Weekly export inspections came in at 501,541 metric tons, this was below the low end of expectations. Weather in South America continues to look on trend, so no major concerns there. Trade talks with China continue today, we expect to see headlines throughout the day regarding that. China did approve five GM crops for import.
Yesterday’s Close: March soybean futures finished yesterday’s session up 1 ¼ cents, trading in a range of 7 cents.
Fundamentals: News came out yesterday that China bought multiple cargoes of U.S. soybeans recently, this appears to be a classic buy the rumor sell the news scenario, something we talked about during last weeks 25 cent rally. Trade talks are continuing today, as of right now things are going in a positive direction….whatever that means. Did you really expect them to report bad news on such a contentious subject? Weekly export inspections yesterday morning came in at 673,172 metric tons, this was within the range of expectations.
Yesterday’s Close: March wheat futures finished yesterday’s session up ½ of a cent, trading in a range of 5 cents.
Fundamentals: Weekly export inspections came in at 260,134 metric tons, this was below the low end of estimates from 350,000-600,000 metric tons. Wheat bulls need to see consistent demand come into the market to get a sustained rally, something that has proved to be extremely difficult over the last 4 months.
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