- Grain Spreads
Grain Spreads for April 20, 2018
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It would appear that the longs in the grain and soy markets have finally become impatient or bored or maybe some combination of both and have decided to...
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BACK TO THE FUTURE WAS A GREAT MOVIE
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Bulls have slight overall near-term technical advantage amid choppy trading this week. Bulls need to show more power soon to keep their technical edge....
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Corn futures closed the Friday session with 4 3/4 to 5 1/2 cent losses. Front month May was down 2.52% since last Friday. Friday’s CFTC Commitment of Traders report indicated spec funds in corn futures and options trimming their net long position by 36,643 contracts. Their net position was at 138,244 contracts as of Tuesday. China sold another 2.886 MMT of corn from 2014 on Friday, which was 72.75% of the total offered. The country’s Ag Ministry also estimated that the 2018 corn crop would rise slightly from the previous year to 218 MMT. Brazil’s first season corn crop harvest was estimated at 77% complete by AgRural on Friday afternoon.May 18 Corn closed at $3.76 1/2, down 5 1/2 cents,Jul 18 Corn closed at $3.85 1/2, down 5 1/2 cents,Sep 18 Corn closed at $3.93, down 5 1/2 centsDec 18 Corn closed at $4.02 1/2, down 5 1/2 cents
Wheat futures settled Friday with most contracts 12 to 14 cents lower. Nearby CBT lost 1.96% on the week, with KC down 2.62% and MPLS 2.76% lower. Forecasts for this weekend are still showing moisture across the Southern Plains, although amounts have been reduced. The large spec funds in Chicago wheat futures and option held a net short position of 50,138 contracts as of Tuesday, 4,734 less bearish than the week prior. In KC wheat futures and options, they were shown to have a net long position of 35,925 contracts on 4/17.May 18 CBOT Wheat closed at $4.63 1/4, down 13 1/2 cents,May 18 KCBT Wheat closed at $4.82 3/4, down 12 1/2 cents,May 18 MGEX Wheat closed at $6.00, down 13 1/4 cents
Soybean futures ended the day with losses of 7 to 8 3/4 cents, as nearby May was 2.42% lower on the week. Board crush margins expanded. Soy meal was up 80 cents/ton, with front month soy oil down 11 points. Managed money in soybean futures and options added another 16,751 contracts to their net long position in the week ending 4/17. The position was at 192,968 contracts on that date. China’s soybean production is estimated to rise 1.9% in 2018 to 15.2 MMT on larger acreage according to their Ag Ministry. AgRural estimates that the Brazil soybean harvest is 91% complete, compared to the average of 90%.May 18 Soybeans closed at $10.28 3/4, down 8 1/2 cents,Jul 18 Soybeans closed at $10.40 1/4, down 8 3/4 cents,Aug 18 Soybeans closed at $10.42, down 8 1/2 cents,Nov 18 Soybeans closed at $10.35, down 7 1/2 cents,May 18 Soybean Meal closed at $374.10, up $0.80,May 18 Soybean Oil closed at $31.30, down $0.11