Corn is trading slightly lower to start the day ahead of the planting intentions report where trade is anticipating a higher number of corn acres. Grain stocks will also be released today and corn is forecast around 8.15 billion.
Friday’s CFTC report saw funds as sellers of corn by 32,663 contracts which reduced their net long position to 74,607 contracts.
Estimates for today’s planting intentions report see corn acres at 94.4 million with a range between 92.5 and 96.6 million. This compares to the USDA’s outlook forum at 94.0 ma and 90.6 ma planted last year.
Soybeans are trading higher this morning with the expectation that planting intentions will be on the low side in favor of higher corn acres. Soybean meal is trading higher while soybean oil is lower.
Friday’s CFTC report saw funds as sellers of soybeans by 20,954 contracts which increased their net short position to 42,959 contracts. They sold 17,009 contracts of bean oil and 23,037 contracts of meal.
Estimates for today’s planting intentions report for soybeans see acreage at 83.8 million with a range between 82.5 and 85.5 ma. This would compare to the Outlook Forum’s guess of 84.0 ma and last year’s plantings of 87.1 ma.
All three wheat classes are trading lower this morning with KC wheat leading the way lower. This trend lower in wheat comes despite lower anticipated production in the US and in the Black Sea region as a maritime truce could make it easier to ship grain.
Friday’s CFTC report saw funds as sellers of Chicago wheat by 11,919 contracts which left them short 92,587 contracts. They bought back 1,213 contracts of KC wheat which left them short 45,450 contracts.
Estimates for today’s Planting Intentions report see wheat acres at 46.5 million with a range between 45.4 and 47.1 million. This would compare to 46.1 million acres last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
