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Futures Prices

Wed, Dec 12th, 2018
[[ timeframe ]] futures price quotes as of Wed, Dec 12th, 2018.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.
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Futures Market Commentary


Corn futures are trading 3/4 to 1 1/2 cents higher this morning. They closed the Tuesday session with most contracts fractionally to 1 3/4 cents higher, despite larger carryout estimates for both the US and World. Preliminary open interest rose 12,202 contracts despite the modest price move. USDA updated their monthly S&D table yesterday with no change to the production side for the US. 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 left the expected cash price midpoint UNCH at $3.60 per bushel. 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.--provided by Brugler Marketing & Management

Soybean futures are currently 5 to 5 1/2 cents higher after closing 5 to 5 1/2 cents higher on Tuesday. Nearby soy meal was up $1/ton, with soy oil 19 points higher. USDA made no changes in the soybean balance sheet for the US yesterday, with 18/19 US carryout still 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.--provided by Brugler Marketing & Management

Wheat futures are mostly 2 to 5 cents higher in the actively traded contracts this morning. They saw up to 5 1/2 cent losses in the winter wheat contracts on Tuesday, with MPLS steady to 2 cents higher. Long liquidation was the theme in CHI futures, with preliminary open interest down 3,175 contracts. The USDA 18/19 US ending stocks projection was pegged at 974 mbu, 25 mbu higher than last month as USDA trimmed projected exports by that amount. Most of the export reduction was in 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. Russian exports are now projected at 36.5 MMT vs. 35 MMT last month. Japan is tendering for 137,657 MT of wheat, with 60,248 MT from the US. Egypt’s GASC is tendering for another round of wheat for Feb 1-10 delivery, with results expected later today. --provided by Brugler Marketing & Management
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