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WHEAT General Comments Wheat markets were lower as weather and demand remained the dominant factors in the market. Some rains are in the forecast [...] The...
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We have been greeted with predominantly positive price action in the grain/soy arena as we begin this new week. I suspect the rationale behind the strength...
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Bulls lose overall near-term technical advantage and bears have momentum to suggest more pressure this week.
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Wheat futures are 1 to 2 cents higher in the CBT contracts, with KC up 4 to 5 1/4 cents. MPLS is down 5 to 7 cents at midday. Rainfall amounts were disappointing for the Southern Plains over the weekend, with a number of locations in the 0.2-0.4” category. Some locally heavier amounts were seen. The USDA tallied wheat exports at 619,251 MT during the week of 4/19 in this morning’s Export Inspections report. That was a 22.63% jump from a week ago but was 2% shy of this week last year. Analysts are expecting this afternoon’s NASS report to show spring wheat planting at around 9% complete. They also project that winter wheat ratings improved 2-3% over the past week to 33-34% gd/ex.May 18 CBOT Wheat is at $4.65 1/4, up 2 cents,May 18 KCBT Wheat is at $4.88, up 5 1/4 cents,May 18 MGEX Wheat is at $5.93 1/4, down 6 3/4 cents
Soybean futures are currently 8 to 10 cents lower at midday. Soy meal is down $3/ton, with front month soy oil 27 points lower. USDA export inspection for soybeans in the week that ended on April 19 were 470,817 MT. That was slightly higher than a week ago but is still 27.33% lower than this week in 2017. 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. AgRural estimates that the Brazil soybean harvest is 91% complete, compared to the average of 90%.May 18 Soybeans are at $10.18 3/4, down 10 cents,Jul 18 Soybeans are at $10.30 1/4, down 10 cents,Aug 18 Soybeans are at $10.32 1/2, down 9 1/2 cents,Sep 18 Soybeans are at $10.28 3/4, down 8 3/4 cents,May 18 Soybean Meal is at $371.10, down $3.00May 18 Soybean Oil is at $31.03, down $0.27
Corn futures are showing 1 to 2 cent gains so far on Monday. This morning’s USDA Export Inspections report indicated corn exports at 1.719 MMT for the week of 4/19. That was a jump of 9% from the previous week and 17.18% larger than this week last year. The Crop Progress report, released later this afternoon, is expected to show national corn planting progress near 6-7% complete as of Sunday. Friday’s CFTC Commitment of Traders report indicated spec funds in corn futures and options trimming their net long position by 36,643 contracts for the reporting week. Their net position was at +138,244 contracts as of Tuesday.May 18 Corn is at $3.78, up 1 1/2 cents,Jul 18 Corn is at $3.87, up 1 1/2 cents,Sep 18 Corn is at $3.94 1/2, up 1 1/2 centsDec 18 Corn is at $4.03 3/4, up 1 1/4 cents