Producer Marketing Manager
Due to the observance of Veterans Day, the USDA Crop Progress Report and Weekly Export Inspections will be released today.
CORN: As of 7:45 – UP 1
Funds are holding a rather large short position and we have seen them continue to buy in some of their shorts following Friday’s WASDE report. They bought an estimated 12,000 contracts yesterday in addition to the 10,000 or so they bought on Friday. Corn harvest progress is estimated to be around 82-85% complete. Planting is going on in Argentina, however they are reportedly 3 weeks behind average.
SOYBEANS: As of 7:45 – UP 4
Trade is estimating 95% of the beans are harvested. Two sided trade yesterday as we spent most of the morning in negative territory before closing back above the $13.00 mark on the Jan contract. Measuring a retracement off of the September highs to the lows put in last week shows we are trading into some key levels with the recent rally. Watching the $13.05 area that we are currently at and then the recent high of $13.1275.
WHEAT: As of 7:45 – UP 2
Wheat values continue to struggle to find any traction as the world feels comfortable with supplies. The market is severely oversold after 9 consecutive lower sessions - (This chart is so ugly, I would rather not show it this morning!)