Yesterday’s Close: May corn futures finished yesterday’s session up 1 ¼ cents, trading in a range of 4 ¼ cents. Funds were estimated buyers of 5,000 contracts on the day.
Fundamentals: Export sales this morning came in at 630,300 metric tons, below the low end of expectations. Yesterday’s weekly EIA ethanol report showed producing increasing 24,000 barrels per day to 990,000bpd. Money flow will be the key driver for the remainder of the week, but looking out over the intermediate term, weather will have an increasingly important role. That will likely be reflected in the USDA’s weekly Crop Progress reports that will be released on Monday’s after the close.
Yesterday’s Close: May soybean futures finished yesterday’s session down ¾ of a cent, trading in a range of 8 ¼ cents. Funds were estimated sellers of 3,000 contracts.
Fundamentals: Export sales this morning came in at 1,990,500 metric tons, above the top end of expectations. The market chopped around the psychological level of $9.00 as the bulls and bears wait for new news for more conviction in their positions. Trade headlines have been helping offer support but it’s going to take something more concrete to get this market really moving, until that happens it is hard to get super excited about prices right here right now. Part of trading is anticipating headlines, we anticipate the recent optimistic headlines to die out.
Yesterday’s Close: May wheat futures finished yesterday’s session up 7 ¼ cents, trading in a range of 9 ¾ cents. Funds were estimated buyers of 5,000 contracts.
Fundamentals: Weekly export sales came in at 1,017,500 metric tons, well above the top end of expectations. The market has been moving north this week on the back of short covering with help from corn stabilizing after last week’s overly bearish USDA report.
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