- Grains Report 11/12/18
DJ CBOT Delivery Intentions: Totals – Nov 12 Source: CME Group Contract Quantity Next Trade Commodity Month Delivery Day Assigned Today Date [...]
- Happy Veterans Day! The Corn & Ethanol Report 11/12/18
Moving closer to Thanksgiving this weekend reminded me of what we have to be thankful for. The Centennial of the Doughboys fighting and winning for [...]...
- Daily Technical Spotlight - January Soybeans
Recent sideways and choppy trading suggests more of the same in the near term.
cmdty Insider - Ag Market Commentary
Corn futures are trading fractionally higher higher this morning. USDA in DC is closed today in observation of Veterans Day, as are many banks. USDA indicates total export commitments are now 16.19% larger than last year (per the weekly report) and 36.21% of the updated USDA export projection vs. the 39% normal pace. The expected national average price for corn was bumped up 10 cents with a $3.60 mid-point in the WASDE report. Gulf basis bids for barges this morning are UNCH at 43 over. In the week ending November 6, spec fund money managers added 12,360 contracts to their net long position in corn futures and options. The Buenos Aires Grain Exchange sees Argentina’s 2018/19 corn crop at 35.9% planted on November 7, vs. the 37.5% average.Dec 18 Corn is at $3.71, up 1 1/4 cents,Mar 19 Corn is at $3.82, up 3/4 cent,May 19 Corn is at $3.89 3/4, up 1/2 centJul 19 Corn is at $3.96 3/4, up 3/4 cent --provided by Brugler Marketing & Management
Soybean futures are trading 4 to 4 cents lower at midday. Front month soy meal is up 30 cents/ton, with soy oil 8 points higher. CFTC data showed money managers in soybean futures and options trimming their net short position by 26,227 contracts for the week of 11/6 at -45,078 contracts. Export commitments for soybeans are 42.2% of the new WASDE forecast compared to the 5-year average of 64% for this week. They are now 30.6% lower than this time last year. USDA is still expecting some back loading of exports in the current marketing year. The USDA weekly Export Inspections report is delayed until Tuesday. AgRural estimates that Brazil’s 18/19 soybean crop is 71% planted, compared to the normal pace of 57%. Safras estimates planting at 69% complete, so there are some small differences between surveys.Nov 18 Soybeans are at $8.71 1/4, down 4 cents,Jan 19 Soybeans are at $8.83, down 3 3/4 cents,Mar 19 Soybeans are at $8.96 1/2, down 3 1/2 cents,May 19 Soybeans are at $9.09 3/4, down 3 1/2 cents,Dec 18 Soybean Meal is at $306.00, up $0.40Dec 18 Soybean Oil is at $27.70, up $0.08 --provided by Brugler Marketing & Management
Wheat futures are 12 to 15 cents higher in the Chicago SRW this morning. Some traders cite problems with the French crop, but this appears to be primarily a technical correction. The other two markets are less enthusiastic but still up 6 to 8 cents. Trade ideas for winter wheat planting in Tuesday’s NASS report are running around 90%. The average pace would be 93%. Wheat exports are improving and are now only 15.5% lower than this week in 2017. Compared to the USDA export projection, they are 50% complete, vs. the typical 68% pace and 73% last year. CFTC indicated specs in Chicago wheat futures and options trimmed their net short position by 3,574 contracts in the week of 11/6 to -41,143 contracts.Dec 18 CBOT Wheat is at $5.18 3/4, up 16 3/4 cents,Dec 18 KCBT Wheat is at $4.94 3/4, up 7 1/4 cents,Dec 18 MGEX Wheat is at $5.81 1/4, up 8 cents --provided by Brugler Marketing & Management