For the week:
- CZ closed down 4 cents and almost exactly matched last week’s 330-339 trading range.
- SX fell a dime but posted higher lows and higher highs vs last week.
- WN dropped its drawers, down 22 cents on the week, with improved weather in EU and Russia and 298-mil bu SRW production estimate from NASS.
- KWN plunged 28 cents on improved weather in above areas as well as KS. NASS came in at 733 mil bu HRW, well above the most bullish traders’ expectations of a sub-700 crop.
- MWU gained on a relative basis, only falling 8 cents. The chart features higher highs and higher lows than last week, but the close today was on the low end of the week’s trading range.
In this afternoon’s Commitment of Traders, the CFTC reports that commercials (producers, merchants, processors, & end users) were net buyers in aggregate for corn and all three wheat contracts but were large net sellers in soybeans.
Weekend weather is mostly clear in the western belt while rains arrive in the east.