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Futures
@C - CORN - CBOT
Month Last Change Open High Low Close Time More
Dec 17 343'2 6'4 336'4 343'4 336'4 343'0s 03:55P Chart for @C7Z Options for @C7Z
Mar 18 355'2 6'0 348'6 355'4 348'6 355'0s 03:53P Chart for @C8H Options for @C8H
May 18 363'6 6'0 357'0 364'0 357'0 363'4s 03:45P Chart for @C8K Options for @C8K
@S - @SX7 - UNKNOWN
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Nov 17 Chart for @S7X Options for @S7X
Jan 18 992'0 18'4 972'6 992'0 971'4 990'4s 03:56P Chart for @S8F Options for @S8F
Mar 18 1002'6 18'2 983'6 1003'0 982'4 1001'4s 03:50P Chart for @S8H Options for @S8H
@W - WHEAT - CBOT
Month Last Change Open High Low Close Time More
Dec 17 427'4 5'6 421'4 428'0 421'0 427'2s 02:30P Chart for @W7Z Options for @W7Z
Jul 18 467'0 4'0 462'2 467'4 462'2 466'6s 01:30P Chart for @W8N Options for @W8N
@YM - E-MINI DOW JONES $5 - CBOT
Month Last Change Open High Low Close Time More
Dec 17 23308.00 - 108.00 23416.00 23440.00 23305.00 23316.00s 04:01P Chart for @YM7Z Options for @YM7Z
My Custom Markets
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Closing Market Comments
11-16-17

 
   
 

  Corn closed 2 cents lower in moderate trade to continue the downward tilt in futures. Trading range was just 3 cents so not a very exciting market. Funds were sellers of 4,000 contracts as of mid-day and are short an estimated 241,000 contracts. Open interest in corn deemed at a 10 year high. Nothing bullish but not a tremendous amount of interest in selling either. Informa came out with 2018 corn acres today at 91.4 mln. and production at 14.629 bln. bu. This equates to a yield near 174 bpa. Coupled with 17/18 ending stocks of 2.5+ bln. bu., total supply for 18/19 would be 17.1 bln. bu. and a new record. SA is currently “OK” weather-wise with just a touch of concern over Argentina’s west end drying out a bit. 17/18 world corn usage is 23 MMT higher than production but this is not concerning to the marketplace currently. Weekly corn sales were 37.4 mln. bu. and a bit disappointing. YTD commitments are 801 mln. bu. vs. 1,088 mln. bu. at this time last year. This lag in sales and continued competition from SA has the trade dubious that we will reach USDA’s 1.925 bln. bu. export projection. Buyers of note today were Japan and “unknown destinations.”

    

 Soybeans closed 4 cents lower, also in moderate trade. Trading range was 8 cents. Funds were sellers of 3,000 contracts at mid-day and are estimated long 30,000 contracts. Soybean futures remain defensive for the week as there is nothing fundamentally supportive in the marketplace. Crop projections are increasing in SA. Informa estimates U.S. bean acres for 2018 at 89.6 mln. with production at 4.397 bln. bu. Yield is estimated near 49.5 bpa. Coupled with carry in of 425 mln. bu., total supply for 18/19 would be 4.822 bln. bu., also record supply. Weekly export sales of 40.6 mln. bu. were a bit disappointing. YTD commitments are 1,197 mln. bu. vs. 1,412 mln. bu. at this time last year. Buyers of note were China (as usual), but also Turkey and the Netherlands.


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