- Corn Prices Hit New Contract Lows
Lower dollar will support soon
- Early Technical Clue For A Corn Turnaround
The market is fundamentally weak but chart pattern is longer term friendly.
- Cattle futures find technical support
Cattle futures finished the back half of the week with some momentum, can that continue into this weeks trade?
- Redux: Bubble of Historic Proportions
Keep probing short side of the debt markets.
- Key Reversal Appears On Soybean Charts
Bullish key reversal and divergence evident
- What does the USDA report mean for grain prices?
Fridays USDA report was a dud for corn, but wheat and beans look set for a bigger move.
Brugler reportGet the Newsletter
Soybean futures saw sharp gains of 10 to 12 cents in most contracts as Jan expired at $9.44. Meal futures were up 20 cents/ton, with nearby soy oil 4 points lower. US ending stocks for the 17/18 soybean crop were increased 25 mbu to 479 mbu this morning, as exports were reduced 65 mbu. Production of old crop beans was trimmed 33 to 4.392 bbu, on a 0.4 bpa lower yield at 49.1 bpa. The Quarterly Stocks report indicated December 1 soybean stocks at 3.157 bbu, up 259 mbu from a year ago and a shade under expectations. The USDA also increased Brazilian production 2 MMT to 110 MMT, while Argentina’s production was reduced 1 MMT to 56 MMT, all in line with estimates. That boosted the world ending stocks number to 98.57 MMT.Jan 18 Soybeans closed at $9.44, up 3 1/2 cents,Mar 18 Soybeans closed at $9.60 1/2, up 10 1/2 cents,May 18 Soybeans closed at $9.72, up 11 cents,Aug 18 Soybeans closed at $9.83 3/4, up 10 1/4 cents,Jan 18 Soybean Meal closed at $309.80, up $0.20,Jan 18 Soybean Oil closed at $32.93, down $0.04
Wheat futures posted steep losses on Friday, pressured by larger than expected winter theat acreage and larger 17/18 carryout. This morning’s Winter Wheat Seedings report showed 32.6108 million acres of winter wheat was planted last fall. That was down 88,000 acres from last year and is the lowest since 1909. It was much larger than expected, however. It included a reduction of HRW at 23.1 million acres, as both SRW and White was increased slightly to 5.98 million and 3.56 million acres respectively. Stocks of wheat on December 1 totaled 1.874 bbu, down 203 mbu from last year and in line with expectations. US old crop ending stocks were shown at 989 mbu, as imports were raised and feed usage was trimmed. World ending stock tallied 268.02 MMT, down 0.4 from December. A reduction in Australia’s carryover by almost 3 MMT offset a 2 MMT increase in Russian production (now 85 MMT).Mar 18 CBOT Wheat closed at $4.20 1/2, down 12 3/4 cents,Mar 18 KCBT Wheat closed at $4.26 1/4, down 14 cents,Mar 18 MGEX Wheat closed at $6.12 3/4, down 16 1/4 cents
Corn futures settled Friday with most contracts 2 to 3 cents lower in the face of another record corn yield. A private export sale of 320,000 MT of 17/18 corn was reported to Unknown Destinations through the USDA’s daily system. NASS updated the US corn yield 1.2 bpa higher than December at a record 176.6 bpa this morning. The production increase of 26 mbu was limited, due to ~400,000 fewer harvested acres. December 1 stocks of corn were 12.516 bbu, above expectations due to the larger crop and 130 mbu larger compared to last year. On the world side, South American production was left unchanged, while analysts had been expecting to see a smaller crop. That caused an increase of 2.49 MMT to the world ending stocks now at 206.57 MMT. South Korea purchased 70,000 MT of corn on Friday, with the US the likely origin.Mar 18 Corn closed at $3.46 1/4, down 2 1/2 cents,May 18 Corn closed at $3.54 3/4, down 2 1/4 cents,Jul 18 Corn closed at $3.62 3/4, down 2 1/4 centsSep 18 Corn closed at $3.70 3/4, down 2 1/4 cents