Been Thinking...

"Worrying does not take away tomorrow's troubles, it takes away today's peace."

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DFE Cash Bids
Notes Delivery Start Delivery End Cash Price Price Change Basis
Corn
Soybeans

Quotes retrieved on July 27, 2017, 05:29:52 PM CDT
Advance Weekly Comments

Updated Wednesday, July 26, 2017

Commitment of Traders

 

 

Date CORN BEANS
Jul 20 15,000 10,000
Jul 21 -12,000 -6,000
Jul 24 -3,000 -9,000
Jul 25 -15,000 -10,000
Jul 26 8,000 5,000
Net Position 

50,200

-15,100
Record Long 395,000 225,000
Record Short  -265,000 -135,000
Thursday Closing Comments

CORN:

Corn closed 1-2 cents higher in a 4 cent trading range, so a somewhat quiet day. Rain amounts not as good as advertised was the reason of choice for today’s strength. It seems “Ain’t nobody happy” with weather forecasts as both bulls and bears want a clear cut forecast and this isn’t happening (or isn’t happening as advertised.) Funds were buyers of 3,000 contracts at mid-day and are estimated long 96,000 contracts. Rain chances clear in the Midwest in the near term but temperatures cool too. 8-14 day forecasts call for better precip chances in the eastern corn belt but leave the western corn belt dry. The drought monitor shows an estimated 32 mln. acres of corn being impacted and as the western corn belt earlier led the way with very good crop conditions, the market is interested in the ongoing decline in conditions. Weekly export sales were a dismal 3.6 mln. bu. but YTD commitments at 2.217 bln. bu. meet USDA projections. Japan the only weekly buyer of note. Brazil and Argentine offerings up 3 cents but undercut U.S. offering by a wide margin. Unshipped sales at 240 mln. bu. 17/18 marketing year sales at 19.2 mln. bu. Mexico the main buyer.

BEANS:

Soybeans closed 6-7 cents higher today in a 13 cent range. Meal was $2.50 firmer and soyoil slightly firmer. Funds were buyers of 4,000 soybean contracts and are estimated long 34,000 contracts. Funds were buyers of 3,000 meal and sellers of 1,000 oil contracts. Soybeans chasing weather forecasts just like corn. Export sale of soybeans to unknown destinations of 198 tmt for 16/17 and 66 tmt for 17/18 did not seem to have much impact though there is just one month left in our marketing year and we have quite an unshipped sales amount (237 mln. bu.) Weekly export sales came in at 11.1 mln. bu. (not bad) which brings YTD commitments to 2.229 bln. bu. vs. USDA projection of 2.100 bln. bu. Most traders expect quite a bit of this to roll to 17/18. Buyers of note of old crop beans were China and the Netherlands.

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Outside Markets
Quotes retrieved on July 27, 2017, 05:29:52 PM CDT
Board of Directors
July 12, 2017 WASDE Report

CME Futures Markets
Quotes retrieved on July 27, 2017, 05:29:52 PM CDT
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