- Weekend Wrap Up
What to expect from this weeks grain and livestock trade.
- March Wheat Futures Manifesting Upside Breakout
Downtrend Off August High Technically Ends
- Corn (ZC) Testing 4 Month Triangle Resistance
Corn (ZC) edged higher yesterday, closing the week at triangle resistance (on the daily chart). Significantly, ZC has decisively broken above a downtrend/descending...
Futures Market Commentary
Soybean futures closed Friday with 6 to 7 1/4 cent gains in the front months, as Jan was 2.46% higher on the week. Nearby soy meal was down 90 cents/ton, with soy oil 3 points higher. Friday morning’s delayed export sales report showed that 890,932 MT of 18/19 soybeans were sold in the week of 11/29, with 4,095 MT for 19/20. Old crop sales (on the top end of estimates) were 41.7% larger than the week prior but still lagging the same week in 2017 by 54.2%. Bean shipments were reported at 1.252 MMT for the last full week of November, 22.3% larger than the prior week but still behind year ago. Soy meal sales were tallied at 287,250 MT, with bean oil at 21,048 MT. Brazilian production is estimated in trade surveys to be updated to 120.88 MMT by the USDA on Tuesday, with Argentina at 55.72 MMT. BAGE put the Argentina soybean planting 54% done, behind the 58.4% normal pace.Jan 19 Soybeans closed at $9.16 3/4, up 7 1/4 cents,Mar 19 Soybeans closed at $9.29, up 7 cents,May 19 Soybeans closed at $9.41 3/4, up 7 1/4 cents,Aug 19 Soybeans closed at $9.57, up 6 3/4 cents,Dec 18 Soybean Meal closed at $309.10, down $0.90,Dec 18 Soybean Oil closed at $28.50, up $0.03--provided by Brugler Marketing & Management
Wheat futures posted sharp 10 to 16 1/2 cent gains on Friday, with bulls running on good export sales data. March was 3.01% higher on the week in CBT, with KC up 2.35% and MPLS gaining 1%. The USDA reported a private export sale of 224,000 MT of HRW wheat for 18/19 delivery to unknown destinations. All wheat export sales for the week that ended on 11/29 totaled 711,779 MT, exceeding the range of estimates. That was more than double the same time last year and 88.8% larger wk/wk. HRW sales were the largest of any class in those seven days for the second consecutive week, with SRW sales at a MY high. Actual wheat shipments were up 92.47% from last week at 480,723 MT, which was 42.43% larger than the same week in 2017. The CFTC Commitment of Traders report will be delayed until Monday.Mar 19 CBOT Wheat closed at $5.31 1/4, up 15 3/4 cents,Mar 19 KCBT Wheat closed at $5.12, up 16 1/2 cents,Mar 19 MGEX Wheat closed at $5.81 1/2, up 12 1/4 cents--provided by Brugler Marketing & Management
Corn futures saw 1 to 3 cent gains in most contracts on Friday, boosted by strong export sales data. Dec was up 2.05% on the week. This morning’s delayed weekly Export Sales update indicated that 1.177 MMT corn was purchased in the week that ended on 11/29, surpassing trade estimates. That was down 7% from the week prior but still 34.35% larger than the same time in 2017. Shipments for that week totaled 1.166 MMT, which was 10.7% larger than the week prior and nearly double the same week last year. Traders surveyed by Reuters are expecting Tuesday’s monthly USDA update to show projected Brazil corn production at 94.41 MMT, with Argentina at 42.43 MMT. The Buenos Aires Grain Exchange estimates the Argentine corn crop is 41.3% planted, lagging the 46.2% average.Dec 18 Corn closed at $3.74, up 2 cents,Mar 19 Corn closed at $3.85 1/2, up 2 3/4 cents,May 19 Corn closed at $3.92 3/4, up 2 3/4 centsJul 19 Corn closed at $3.99 1/4, up 3 cents--provided by Brugler Marketing & Management