- Morning Grain Market Research
Hurry up and wait.That would appear to be the message traders at the CME are sending ahead of the December USDA supply/demand estimate.Granted, if I suggest...
- Commodities at New 30 Year High
From Haunted By Markets dated...
- Daily Technical Spotlight - March Corn
Bulls showing resilience but need to show more power to suggest a price uptrend can be sustained.
Futures Market Commentary
Corn futures are fractionally mixed @ Tuesday’s midday. USDA updated their monthly S&D table this morning showing no change to the production side for US as expected. They did cut corn usage for ethanol by 50 mbu, and trimmed imports by 5 mbu for a net ending stocks change of +45 mbu to 1.781 bbu. On the world side, carryout was increased 1.29 MMT to 308.8 MMT, with most of that from the US. The USDA left their Brazil 18/19 production number UNCH at 94.5 MMT, CONAB updated their estimate to 91.1 MMT.Dec 18 Corn is at $3.74 1/2, up 1/4 cent,Mar 19 Corn is at $3.83 1/2, down 1/2 cent,May 19 Corn is at $3.91, down 1/4 centJul 19 Corn is at $3.97 1/4, down 1/2 cent--provided by Brugler Marketing & Management
Soybean futures are showing 3 to 3 1/2 cent gains on Tuesday. Nearby soy meal is up 30 cent/ton, with soy oil 13 points higher. This morning’s monthly WASDE update from the USDA showed no changes to the US supply and demand table, with 18/19 US carryout at 955 mbu. World ending stocks are now projected at 115.33 MMT by WOAB, up 3.25 MMT from their prior estimate. Revisions were made to 17/18 numbers, as Brazil’s production was raised 0.5 to 120.3 MMT and carryout was 1.6 MMT higher. For 18/19 USDA increased their Brazilian soybean production number to 122 MMT, vs. the new CONAB update at 120.066 MMT.Jan 19 Soybeans are at $9.13, up 3 1/4 cents,Mar 19 Soybeans are at $9.26 1/4, up 3 1/2 cents,May 19 Soybeans are at $9.38 3/4, up 3 1/4 cents,Jul 19 Soybeans are at $9.50 3/4, up 3 1/2 cents,Dec 18 Soybean Meal is at $308.20, up $0.30Dec 18 Soybean Oil is at $28.65, up $0.13--provided by Brugler Marketing & Management
Wheat futures are currently 4 to 6 1/2 cents lower in most winter wheat contracts on Tuesday, with MPLS steady to 2 cents higher. The USDA 18/19 US ending stocks projection was pegged at 974 mbu this morning, 25 mbu higher than last month. They made a long-awaited cut to exports (25 mbu) to 1 bbu. A majority of the export reduction was in the form of HRW (down 40 mbu), with HRS and SRW higher. World ending stocks were up 1.39 MMT to 268.1 MMT, mainly on the larger US and EU carryouts. Russia exports are now projected at 36.5 MMT. Japan is tendering (due Thursday) for 137,657 MT of wheat, with 60,248 MT from the US and the balance from Canada and Australia. SovEcon estimates Russia’s wheat crop at 70.9 MMT, up 0.2 from their previous number.Mar 19 CBOT Wheat is at $5.19 3/4, down 5 1/2 cents,Mar 19 KCBT Wheat is at $5.03 3/4, down 6 1/2 cents,Mar 19 MGEX Wheat is at $5.75 1/4, unch ,--provided by Brugler Marketing & Management