December corn futures have been drifting lower for the last two weeks as concerns over dismal demand continue to trump concerns overproduction. Yesterday’s weekly export inspections came in at 381,000 metric tons.
It was a strong start to the week with all four major U.S benchmarks gaining at least 0.5%. The ES and NQ each set fresh record highs and the board is stable ahead of the bell. Earnings remain in the spotlight.
Corn futures continue to drift lower on the back of harvest pressure and a lack of flashy bullish headlines. This afternoon’s crop progress report is expected to show corn harvest at 47% complete, well behind the five-year average pace, 64%.
November soybeans finished yesterday’s session near unchanged as we head into November options expiration today. Typically strike prices with high open interest tend to act as a magnet, with many of those being below the market we could see pressure into the weekend.
There’s not a lot of flashy headlines expected as we look to round out the week, attention continues to be on harvest reports, money flow, and technicals.
Earnings and trade optimism have lifted the S&P back to highs of the week. Although it is flirting above a crucial marker at 3008.50, the NQ trails slightly in relevance to highs set Tuesday and last Thursday.
Soybeans tried to rally yesterday on the back of the recycled headline: “Renewed Trade Optimism”, but ultimately failed to hold those gains through the floor open.
U.S benchmarks slipped late in the session yesterday after U.K Prime Minister Boris Johnson’s fast-track Brexit deal did not get through the House of Commons.
