Thu, Dec 13th, 2018
[[ timeframe ]] futures price quotes as of Thu, Dec 13th, 2018.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.
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- Markets Disappointed by Chinese Soybean Purchases
Markets Disappointed by Chinese Soybean Purchases
- Wheat (ZW) Nearing 3 Month Downchannel Resistance
Wheat (ZW) bounced more than 1% yesterday, shrugging off the weakness Tuesday immediately following WASDE, and continuing an upchannel (on the 4hr chart)....
- Daily numbers and hedge ideas for 12/12/18
January 2018 Soybeans
Futures Market Commentary
Corn futures are fractionally higher ahead of the weekly Export Sales report. Most contracts closed steady to 1 1/4 cents higher on Wednesday. Yesterday morning’s weekly EIA report showed ethanol production for the week of 12/7 at 1.046 million barrels per day. That was down 23,000 bpd from the week prior and well below this time last year. Ethanol stocks were down 140,000 barrels to 22.890 million barrels. Trade estimates for this morning’s weekly USDA Export Sales report are running 1-1.5 MMT for the week that ended December 6. On Tuesday, USDA hiked projected EU 18/19 corn production at 60.4 MMT, up 0.9, with Ukraine up 1.5 to 35 MMT.--provided by Brugler Marketing & Management
Soybean futures are trading 1 to 2 cents lower this morning. They ended the Wednesday session with most contracts 4 to 5 cents higher. Nearby soy meal was up $1.90/ton, with soy oil 9 points higher. On Wednesday, Reuters reported at least 500,000 MT of soybeans were purchased by Chinese state-owned companies. The trade will be looking for USDA to confirm those sales under the daily reporting system. Traders are thinking 2018/19 soybean export sales in the week of 12/6 totaled 0.7-1 MMT. Soybean meal sales are seen at a 225,000-450,000 range, with soy oil at 5,000-25,000 MT. The weekly FAS report will be out at 7:30 AM CST.--provided by Brugler Marketing & Management
Wheat futures are mostly 1 to 5 cents higher this morning, with KC HRW the strongest. They closed Wednesday with gains of 5 to 8 cents in most front months, disregarding soon to expire December. The range of trade estimates for all wheat sales in today’s Export Sales report is 500,000-800,000 MT. On Tuesday, USDA narrowed the cash average wheat price estimate by 20 cents to $5.05-$5.25, with the mid-point rising a nickel to $5.15. The same WASDE report saw Australian 18/19 production down 0.5 to 17 MMT, with Canadian up 0.3 to 31.8 MMT. Egypt’s GASC purchased 180,000 MT of wheat on Wednesday, split between Russia (120,000) and Romania (60,000). Iraq purchased 50,000 MT of US wheat from their tender back on Dec. 3, with the deal finalized late on Tuesday. --provided by Brugler Marketing & Management