Chicago wheat bucked the trend and traded higher during yesterday’s session as fundamentalists point to hopes of improving demand.
Corn futures saw another round of profit-taking yesterday, spilling into the overnight and early morning session. In yesterday’s report, we wrote: “We remain optimistic on prices but continue to feel a pullback/cleanse would be healthy for the market.
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.
Corn futures gave back some ground yesterday as producers looked to reduce risk ahead of this morning's WASDE report.
December corn futures printed their highest price since August 12th (USDA report day) as funds continued to cover short positions ahead of tomorrow’s WASDE report and the looming freeze/snowstorm.
Corn crop progress report showed good/excellent ratings at 56%, 1% below expectations. Corn harvest is 15% complete, 4% behind already lagging expectations.
December corn futures had an impressive run to start last week’s trade, ending with a healthy pullback off technical resistance. All eyes this week will be on Thursday’s WASDE report.
Soybean futures started strong yesterday on a great export sales number, 2,076,200 metric tons. Technical resistance was too much and profit-taking brought prices back into negative territory.
November soybean futures retreated yesterday as recent buyers started to take some profits. As with corn, attention will start to shift back to weather and harvest reports over the coming weeks.
With the quarterly stocks report behind us, attention will turn back to weather and yield reports from the field. We remain optimistic on prices,