- Looking for Higher Corn and Bean Acres
- Morning Grain Market Research
A rain makes grain mentality along with steady concerns about the rapidly approaching T-Day (tariff day) on the 6 th of July have joined forces to...
- Wheat To Recover From Drought
The drought in Oklahoma and Kansas that has plagued this beautiful commodity is coming to an end.
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- Wheat CBOT -September 2018
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- Oil Talks with Russia on Tap. The Corn & Ethanol Report 06/25/18
We kickoff the week with New Home Sales at 9:00 A.M., Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. On the Corn [...]
Agricharts Market Commentary
Wheat futures are mostly 8 to 11 cents lower this morning in the CHI and KC contracts. MPLS spring wheat is 2 cents lower. Wheat was 3 3/4 to 4 cents lower on Friday. Spec funds in Chicago wheat futures and options were reported at a net short position of -752 contracts in the week ending 6/19. That was a net move of 15,655 contracts from their previously held net long position. They trimmed their net long in KC wheat to 47,213 contracts. The Buenos Aires Grain Exchange estimates that the Argentine wheat crop is 49% planted. Ukraine’s ag minister estimates the country’s 2018 wheat crop will total somewhere in the range of 23-26 MMT, down from last year’s harvest of 26.2 MMT.
Soybean futures are currently .9 to 11 cents lower after settling 14 to 14 3/4 cents higher in the front months on Friday. Preliminary open interest dropped 26,231 contracts on Friday, confirming some short covering rather than new buying interest. Nearby July lost 1.21% for the week after hitting a 9 1/2 year low for front month futures on Tuesday. Front month soy meal was up $7.30/ton on Friday, with soybean oil 2 points in the green. Brazilian buyers have slowed down purchases from the interior due to uncertainty about freight costs to get the beans to port. Managed money speculators cut 25,671 contracts off their net long position in soybean futures and options in the week 6/19, to flip to a net short position of -12,801 contracts. This was less bearish than expected given the magnitude of the price decline. BAGE estimates that the 97.1% of the Argentina soybean crop is now harvested.
Corn futures are trading 3 to 4 cents lower at the moment. They closed Friday steady to fractionally mixed, with July down 1.11% on the week. The NWS 6-10 and 8-14 day outlooks are anticipating above average temps for the eastern 2/3 of the Corn Belt. There are chances for the WCB to dry out in the latter portion of that forecast period. Friday afternoon’s Commitment of Traders report showed spec funds flipping their net position in the week that ended on Tuesday. On that date, they had a net short position of -14,038 contracts in corn futures and options, a move of -50,254 contracts from the week prior. This was, however, less short than some in the trade had feared, leaving room for additional sell pressure if US weather remains favorable.