January soybean futures were a laagered yesterday as optimism around a phase-1 trade deal diminished after the Summit in Chile was canceled, due to protests in Santiago.
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.
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.
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.
Corn Futures rebounding early this morning after weekly crop progress report showed harvest just 30% completed, 3-4% behind already lagging expectations
Chicago wheat futures staged a huge rally last week, much of that on the back of technical short covering. Friday’s Commitment of Traders report showed funds bought 8,573 contracts, trimming their net short position to 10,564 contracts.
The Soybean market tried to run higher yesterday but fizzled out into the close. The lack of bullish headlines and harvest has kept a lid on things through the week.
Oliver Sloup breaks down the busy day in grain futures markets. Corn futures traded down -14 cents and Soybean futures traded down -1.25 cents after the WASDE report.