With the extremely spring in the growing region, traders must take reports with a grain of salt as plantings are changing day to day, reports Oliver Sloup.

Corn (ZCZ)

Yesterday’s Close: December corn futures finished yesterday’s session up 2.25¢, trading in a range of 6.25¢. Funds were estimated sellers of 3,000 contracts.

Fundamentals: Export sales this morning came in at 294,900 metric tons of old crop and 110,100 metric tons of new crop. Focus will remain on tomorrow’s USDA report, out at 11am cst. Estimates for corn acres are coming in near 86.66 million, down from 89.80 in the June WASDE report. These headline numbers may be slightly disappointing and need to be taken with a grain of salt. These numbers are derived from a survey conducted in the first one to two weeks of the month, intentions have been fluid and there has likely been a lot of changes since then. Quarterly stocks are estimated to come in near 5.332 billion bushels.

Technicals: The market has been consolidating and forming a bull-flag, a bullish chart pattern. If the bulls can get a friendly report, we wouldn’t be surprised to see the market make new highs in the near future.

Soybeans (ZSX)

Yesterday’s Close: November soybean futures finished yesterday’s session down 7.5¢, trading in a range of 8¢. Funds were estimated sellers of 7,500 contracts.

Fundamentals: Export sales this morning came in at 168,200 metric tons of old crop and 319,600 metric tons of new crop. Tomorrow’s USDA report will be the grand finale of this week’s trade, estimates for soybean acres are coming in near 84.35 million acres, down from the 84.60 we saw in the June WASDE report. As mentioned in previous reports, these headline numbers may be slightly disappointing and need to be taken with a grain of salt. Quarterly stocks are estimated to come in near 1.861 billion bushels.

Technicals: The market has retreated near our four-star support pocket.

Wheat (ZWU)

Yesterday’s Close: September wheat futures finished yesterday’s session up 6.5¢, trading in a range of 11.5¢. Funds were estimated buyers of 5,000 contracts.

Fundamentals: Export sales this morning came in at 612,000 metric tons. Estimates for tomorrow’s USDA report has all wheat acres near 45.65 million acres, down from 45.80 in the June WASDE report. Quarterly stocks are estimated to be near 1.10 billion bushels. We have been optimistic on the gran complex but have thought that the wheat market would be the laggard, when in fact it has been the leader this week.

Technicals: The market has made new higher highs in the overnight/early morning trade, which keeps the bulls in the driver’s seat.

Bill Baruch provides technical levels on all markets throughout the week at  BlueLineFutures.com.

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