Tue, Dec 11th, 2018
[[ timeframe ]] futures price quotes as of Tue, Dec 11th, 2018.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.
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- Wheat Prices Lower On Crop Report
Chart structure remains in your favor
- Morning Grain Market Research
Hurry up and wait.That would appear to be the message traders at the CME are sending ahead of the December USDA supply/demand estimate.Granted, if I suggest...
- Commodities at New 30 Year High
From Haunted By Markets dated...
Futures Market Commentary
Wheat futures saw up to 5 1/2 cent losses in the winter wheat contracts on Tuesday, with MPLS steady to 2 cents higher. The USDA 18/19 US ending stocks projection was pegged at 974 mbu this morning, 25 mbu higher than last month. USDA made a long-awaited cut to exports (25 mbu) to put them at 1 bbu. A majority of the export reduction was in the form of HRW (down 40 mbu), with HRS and SRW higher. World ending stocks were up 1.39 MMT to 268.1 MMT, mainly on the larger US and EU carryouts. Russia exports are now projected at 36.5 MMT. Japan is tendering (due Thursday) for 137,657 MT of wheat, with 60,248 MT from the US and the balance from Canada and Australia. SovEcon estimates Russia’s wheat crop at 70.9 MMT, up 0.2 from their previous number. Egypt’s GASC is tendering for another round of wheat for Feb 1-10 delivery, with the tender to close on Wednesday.Dec 18 CBOT Wheat closed at $5.09 3/4, down 5 cents,Dec 18 KCBT Wheat closed at $4.77 1/4, down 5 1/2 cents,Dec 18 MGEX Wheat closed at $5.80 1/2, up 1/2 cent--provided by Brugler Marketing & Management
Corn futures closed the Tuesday session with most contracts fractionally to 1 3/4 cents higher, despite larger carryout estimates for both the US and World. USDA updated their monthly S&D table this morning showing no change to the production side for the US as expected. They did cut corn usage for ethanol by 50 mbu, and trimmed imports by 5 mbu for a net ending stocks change of +45 mbu to 1.781 bbu. USDA tightened the cash average price by 10 cents to a $3.25-3.95 range. On the world side, carryout was increased 1.29 MMT to 308.8 MMT, with most of that from the US. The USDA left their Brazil 18/19 production number UNCH at 94.5 MMT, CONAB updated their estimate to 91.1 MMT.Dec 18 Corn closed at $3.75, up 3/4 cent,Mar 19 Corn closed at $3.84 3/4, up 3/4 cent,May 19 Corn closed at $3.92 1/4, up 1 centJul 19 Corn closed at $3.98 3/4, up 1 cent--provided by Brugler Marketing & Management
Soybean futures ended the day with the front months 5 to 5 1/2 cents higher. Nearby soy meal was up $1/ton, with soy oil 19 points higher. This morning’s monthly WASDE update from the USDA showed no changes to the US supply and demand table, with 18/19 US carryout at 955 bu. The cash average price range for soybeans was narrowed by 50 cents to $7.85-9.35 but is still centered at $8.60. World ending stocks are now projected at 115.33 MMT by WAOB, up 3.25 MMT from their prior estimate. Revisions were made to 17/18 numbers, as Brazil’s production was raised 0.5 to 120.3 MMT and carryout was 1.6 MMT higher. For 18/19 USDA increased their Brazilian soybean production number to 122 MMT, vs. the new CONAB update at 120.066 MMT.Jan 19 Soybeans closed at $9.15, up 5 1/4 cents,Mar 19 Soybeans closed at $9.28 1/4, up 5 1/2 cents,May 19 Soybeans closed at $9.41, up 5 1/2 cents,Aug 19 Soybeans closed at $9.56 3/4, up 5 1/2 cents,Dec 18 Soybean Meal closed at $308.90, up $1.00,Dec 18 Soybean Oil closed at $28.71, up $0.19--provided by Brugler Marketing & Management