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,
December corn futures took off yesterday following a bullish USDA report. The USDA showed quarterly stocks at 2.114 billion bushels, right on the bottom end of estimates.
December corn futures have been trading sideways for the better part of the last two weeks as market participants continue to wait for new news and clarity.
Corn Export Sales came in at a disappointing 494,000 metric tons. That coupled with some position squaring ahead of Monday’s quarterly stocks report and the end of the month brought prices back near technical support.
Soybean Export Sales came in at 1,038,000 metric tons, another strong number. This is the second week of strong numbers in Soybeans, but three makes a trend.
Corn futures gained some strength yesterday, in part to a sale of 200,000 metric tons to Mexico. Money flow and technicals remain friendly, outside of that there is little new news to report.