Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Futures  >  Chicago Board Of Trade - Floor  >  WHEAT FUTURES (W) - CBR (FLOOR)/C1       

WHEAT FUTURES (W) - CBR (FLOOR)/C1

End-of-day quote. End-of-day quote Chicago Board Of Trade - Floor - 07/16
507.5 USc   -2.96%
04:17pSoybeans Take Brunt of Weather Disappointment
DJ
07:43aEvogene Refocuses Corn Disease Collaboration With Bayer
DJ
02:48aStocks: Investors Shrug Off Some Earnings Misses -- WSJ
DJ
SummaryQuotesChartsNews 
News SummaryAll newsMarketScreener Strategies

Soybean and Corn Up as Snow Delays Planting

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/15/2019 | 03:05pm EDT

By Kirk Maltais

--Corn contracts for May delivery were up 0.5% at $3.62 3/4 a bushel on the Chicago Board of Trade on Monday, with snow cover in the Midwest delaying planting decisions on soybeans and corn.

--May soybean contracts rose 0.4% at $8.98 3/4 a bushel.

--Wheat contracts for May delivery fell 1.1% at $4.59 1/2 a bushel.

HIGHLIGHTS

Bad Weather Supports Ags: The blizzard that swept through the Midwest last week provided support for agricultural futures today. Traders are eyeing possible planting delays due to the storm, which is helpful for a market that, without a trade deal with China, has accumulated billions of metric tons of excess supply for the 2018/19 marketing year. "The crop can go in fast, but it's the middle of April with a lot of areas still seeing a lot of snow on the ground," says Doug Bergman of RCM Alternatives. "The inability of the market to break on last week's bearish crop report combined with the bad weather... makes me think downside is limited for now."

Foreign Competition Tough: Wheat futures fell amid indications that the U.S. is still not competitive versus lower-priced varieties worldwide, namely Russian wheat. "U.S. wheat was not competitive with Russia for the latest Egypt sales," says Craig Turner of Daniels Trading. The lack of competition is also evident when looking U.S. export inspections data today, which shows wheat export inspections on the low-end of analyst estimates. Additionally, no Middle-Eastern buyers even ranked as the top export destinations, with the Philippines taking the top spot with 152,859 metric tons.

INSIGHT

Corn Still Short: Managed money firms are continuing to add to their large position in corn futures on the CBOT, with traders now holding a nearly 300,000-contract net short position. According to commitment of trader's data released late Friday by the CFTC, managed money traders added 23,594 contracts to their short position, giving them 471,354 contracts in total that are short corn - a net short position of 289,859 contracts. However, continued adverse weather like what hit the Midwest last week could change the fund's appetite for shorting corn. "If the unfavourable weather conditions in the US growing areas persist for any prolonged period and further delay planting, this could prompt position squaring and push up the corn price significantly," says Commerzbank.

New Soybean Sale: The USDA confirmed this morning that 140,000 metric tons of soybeans exports were sold for delivery to unknown destinations during the 2018/19 marketing year. Traders say that "unknown destinations" often means that China is the destination. The sale comes following news of a similar sales last week. Although more export purchases of U.S. soybeans is bullish for the market, traders have been concerned that an increased reliance of China on U.S. pork cuts into their purchases of animal feed, thusly cutting into foreign soybeans purchases.

AHEAD:

-The EIA releases its weekly update on ethanol production and inventories at 10:30 a.m. EDT on Wednesday.

-The USDA will release its latest weekly export sales numbers at 8:30 a.m. EDT on Thursday.

Stocks mentioned in the article
ChangeLast1st jan.
CBOT ETHANOL FUTURE (EH) - CBR (FLOOR)/C1 -2.37% 1.521 End-of-day quote.23.26%
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.30% 435.25 End-of-day quote.21.13%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.99% 308.5 End-of-day quote.1.76%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -0.07% 28.29 End-of-day quote.2.76%
SOYBEANS FUTURES (S) - CBR (FLOOR)/C1 -1.55% 887.75 End-of-day quote.2.18%
SOYBEANS FUTURES (ZS) - CBE (ELECTRONIC)/C1 0.03% 887.5 End-of-day quote.3.48%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -13.62% 507.5 End-of-day quote.3.92%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WHEAT FUTURES (W) - CBR (F
04:17pSoybeans Take Brunt of Weather Disappointment
DJ
07:43aEvogene Refocuses Corn Disease Collaboration With Bayer
DJ
02:48aStocks: Investors Shrug Off Some Earnings Misses -- WSJ
DJ
07/15GRAIN HIGHLIGHTS : Top Stories of the Day
DJ
07/15LIVESTOCK HIGHLIGHTS : Top Stories of the Day
DJ
07/15Investors Pardon Recent Earnings Slips
DJ
07/15Wheat Futures Lead Ag Futures Downward as Tropical Storm Barry Does Little Ha..
DJ
07/15USDA CROP PROGRESS : Spring Wheat Condition/Progress-Jul 15
DJ
07/15USDA CROP PROGRESS : Winter Wheat Progress-Jul 15
DJ
07/15USDA CROP PROGRESS : Corn Condition/Progress-Jul 15
DJ
More news
Chart WHEAT FUTURES (W) - CBR (FLOOR)/C1
Duration : Period :
WHEAT FUTURES (W) - CBR (FLOOR)/C1 Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WHEAT FUTURES (W) - CBR (F
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral