July 30, 2019
Yesterday’s Close: December corn futures finished yesterday’s session up 2 ½ cents, trading in a range of 7 ½ cents. Funds were estimated buyers of 9,500 contracts.
Fundmentals: Yesterday’s weekly Crop Progress report showed good/excellent ratings at 58%, this was up 1% from estimates and last week’s print. Intermediate term weather doesn’t seem to be all that threatening, this is keeping a lid on any meaningful rally. A lot of market participants are anxiously awaiting the August 12th USDA report, which seems like a lifetime away. Export inspections came in at 645tmt, this was within the range of estimates.
Yesterday’s Close: November soybean future finished yesterday’s session up 4 ¾ cents, trading in a range of 9 ¾ cents. Funds were estimated buyers of 5,000 contracts.
Fundamentals: The market is softer this morning on the back of a tweet from President Trump. “was supposed to start buying our agricultural product now - no signs that they are doing so. That is the problem with China, they just don’t come through.”. This shouldn’t come as much surprise to anyone who has been following along (part of the reason for our Bearish bias). Yesterday’s Crop Progress report showed good/excellent ratings at 54%, this was unchanged from last week and in line with expectations. Export inspections came in at 1.031mmt, above the top end of estimates.
Technicals: For the last week we have been....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]
Yesterday’s Close: September wheat futures finished yesterday’s session up 6 ½ cents, trading in a range of 14 ¾ cents. Funds were estimated buyers of 5,000 contracts.
Fundamentals: Wheat futures managed to rally on lingering concerns over the crop in the Black Sea region and Australia. We aren’t overly concerned about it at the moment and continue to believe rallies will be sold into, baring a bigger shift in fundamentals or technicals. Crop Progress showed spring wheat conditions at 73% good/excellent, down 3% from expectations and last week’s read. Winter wheat harvest is 75% complete. Export inspections came in at 391 tmt, within the range of expectations.
Technicals: Technical resistance remains....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]
-S&P, Oil, Gold
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