- Morning Grain Market Research
Looking back to Monday, the week began with so much excitement as the bears were still hightailing it out of town after the USDA sheriff had issued a warrant...
- Pennant break-out in Soymeal…time to go to work!!!
We have been following this pennant for a while and today is the day we get involved!
- Daily Technical Spotlight - December Corn
Price uptrend still in place but bulls are fading and need to show fresh power soon to keep uptrend alive.
cmdty Insider - Ag Market Commentary
Wheat futures were mostly steady to 4 cents higher on Friday, with MPLS the strongest. Front month CBT was down 0.48% on the week, with KC 1.53% lower and MPLS 1.22% in the red. Wheat export commitments are 18% smaller than last year at this time, but unshipped sales are down only 4%, so the picture looks a little better going forward. USDA stuck to their 1.025 bbu projection last week, while export commitments are 44% of that total and are normally 62% by this time. Money managers in Chicago wheat futures and options skimmed just 92 contracts from their net short position as of Tuesday to -16,793 contracts. In KC wheat futures and options, they added 2,361 contracts to that net long position of 28,174 contracts.Dec 18 CBOT Wheat closed at $5.14 3/4, up 1 3/4 cents,Dec 18 KCBT Wheat closed at $5.16 1/4, up 1 1/2 cents,Dec 18 MGEX Wheat closed at $5.88 3/4, up 3 3/4 cents--provided by Brugler Marketing & Management (402) 289-2330
Soybean futures fell into the close on Friday to settle within 1/2 cent of the low, down 6 to 7 1/4 cents. Nearby Nov was down 1.24% from a week ago. Front month soy meal was $3.20/ton lower on the day, with soy oil up 12 points. USDA reported a total of 180,000 MT of net cancellations for 18/19 soybeans to China this morning, with an additional 120,000 MT of optional origin beans to unknown also cancelled. US Soybean export sales commitments typically would total 54% of the USDA export projection by this date, with only 37% reached so far this year. Weekly data from CFTC showed spec funds trimming their net short position in soybean futures and options by 5,033 contracts on 10/16 to -36,368 contracts. AgRural on Friday estimated that 34% of the Brazilian bean crop was planted. The 5 year average pace is 18%.Nov 18 Soybeans closed at $8.56 3/4, down 6 3/4 cents,Jan 19 Soybeans closed at $8.70 1/2, down 7 1/4 cents,Mar 19 Soybeans closed at $8.83 1/2, down 7 cents,Jul 19 Soybeans closed at $9.07 1/2, down 6 1/4 cents,Dec 18 Soybean Meal closed at $313.10, down $3.20,Dec 18 Soybean Oil closed at $29.14, up $0.12--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.
Corn futures ended the Friday session with most contracts 3 to 4 cents in the red. Nearby Dec wiped out all of last week’s gains, down 1.81% since last Friday. There was a little harvest pressure, and some garden variety profit taking after hitting chart resistance on Monday. The poor weekly export sales from Thursday were also a feature. This afternoon’s CFTC Commitment of Traders report indicated that specs in corn futures and options flipped their net position by 54,186 contracts as of Tuesday. That new net long position was at 20,154 contracts. A total of 1.203 MMT of corn from Chinese state reserves was sold on Friday, taking up 29.99% of the offered amount. The Buenos Aires Grain Exchange estimates that 32.6% of Argentina’s corn crop is planted as of 10/17, which is 4.1% faster than the average.Dec 18 Corn closed at $3.67, down 3 3/4 cents,Mar 19 Corn closed at $3.79 1/2, down 3 1/2 cents,May 19 Corn closed at $3.87, down 3 1/4 centsJul 19 Corn closed at $3.92 3/4, down 3 cents--provided by Brugler Marketing & Management, (402) 289-2330