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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Futures Market Commentary
Soybean futures settled the day with 5 to 7 cents losses, ahead of Tuesday’s WASDE report. Nearby soy meal was down $1.20/ton, with soy oil 2 points higher. A private export sale of 125,000 MT of soybeans to unknown was reported by the USDA this morning. Their weekly update to the Export Inspections report indicated that 922,094 MT of soybeans were exported in the week that ended on December 6. That was down 11.84% from the prior week and 25.83% lower than last year. Spec funds in soybean futures and options slashed their CFTC net short position by 46,269 contracts on 12/4 to a net position of -17,593 contracts. A report from Bloomberg quoting anonymous sources suggested China may buy 5-8 MMT of soybeans for state reserves and allow commercial users to purchase another 2 MMT with the tariff waived or reimbursed. This could be the proverbial “trial balloon”. Brazil’s Abiove estimated the country’s 18/19 soybean crop at 120.9 MMT, 1.4 larger than the previous number.Jan 19 Soybeans closed at $9.09 3/4, down 7 cents,Mar 19 Soybeans closed at $9.22 3/4, down 6 1/4 cents,May 19 Soybeans closed at $9.35 1/2, down 6 1/4 cents,Aug 19 Soybeans closed at $9.51 1/4, down 5 3/4 cents,Dec 18 Soybean Meal closed at $307.90, down $1.20,Dec 18 Soybean Oil closed at $28.52, up $0.02--provided by Brugler Marketing & Management
Wheat futures saw 4 to 6 1/4 cent losses in most CBT and MPLS contracts, with KC fractionally to 1 3/4 cents lower. USDA’s weekly Export Inspections report showed that exporters shipped 418,460 MT of wheat in the week that ended on 12/6. That was down 11.81% from last week but up 18% from this week in 2017. Total shipments marketed YTD (404.17 mbu) are 16.24% lower than a year ago but have been gaining over the past several weeks. Analysts are expecting USDA to peg 18/19 world ending stocks at 266.5 MMT ahead of Tuesday’s monthly update, slightly lower than November. Delayed CFTC data showed spec traders in CBT wheat futures and options trimming their net short position as of last Tuesday by 10,206 contracts to -28,407 contracts. They also cut 7,227 contracts from their net short position in KC wheat to -2,445 contracts.Dec 18 CBOT Wheat closed at $5.14 3/4, down 4 3/4 cents,Dec 18 KCBT Wheat closed at $4.82 3/4, down 1 3/4 cents,Dec 18 MGEX Wheat closed at $5.80, down 5 3/4 cents--provided by Brugler Marketing & Management
Corn futures closed Monday steady to 1 1/2 cents lower, with Dec up 1/4 cent ahead of Friday’s expiration. USDA reported a very large private export sale of 1,645,920 MT of corn to Mexico this morning. That was the fourth largest daily sale on record for corn, with 1.105 MT for 18/19 and the balance for 19/20. The weekly Export Inspections report indicated that 876,305 MT of corn was shipped in the week that ended on 12/6. The weekly export total was down 17.62% from last week but 22.06% larger than the same week in 2017. Accumulated exports are now 75.57% above year ago at 594.71 mbu. The Monday afternoon Commitment of Traders report showed money managers flipping their net position by 75,893 contracts in corn futures and options to be net long 53,745 contracts as of last Tuesday.Dec 18 Corn closed at $3.74 1/4, up 1/4 cent,Mar 19 Corn closed at $3.84, down 1 1/2 cents,May 19 Corn closed at $3.91 1/4, down 1 1/2 centsJul 19 Corn closed at $3.97 3/4, down 1 1/2 cents--provided by Brugler Marketing & Management