Fundamentals: Yesterday’s USDA report was about as expected, a non-event relative to other reports. The USDA has the U.S. corn yield at 179.5, unchanged from last month’s report. This was above the average trade estimate. The USDA is notorious for “kicking the can down the road”, so if you are/were expecting a significant change based on the weather in June, we do not recommend holding your breath. U.S. ending stocks were within the range of estimates.
Yesterday’s crop progress report showed U.S. corn conditions at 65% good/excellent, in line with estimates and a point better than last week. This is 5% below last year’s rating. 26% of the crop is silking, in line with last year.
Technicals: The market traded higher on what could be viewed as a bearish USDA report, we would classify that as a fundamental rejection. In this case, we see that as friendly. The Bulls were able to close above the 100-day moving average, if they can continue to defend this through today’s session, it should set them up to make an attempt at the gap from last week...........Click this link to read the FULL report and receive our daily commentary Bias: Previous Session Bias: Resistance: Pivot: Support: Soybeans (November)
Fundamentals: Yesterday’s USDA report showed the U.S. soybean yield at 50.8, a hair above the average estimate and unchanged from last month. As mentioned in the corn section, if you are/were looking for the USDA to make a significant change based on the weather in June, it is not worth holding your breath, historically. U.S. ending stocks were unchanged and above expectations too.
Yesterday’s crop progress report showed U.S. soybean conditions at 59% good/excellent, 1% below expectations and unchanged from last week. 46% of the crop is blooming, in line with last year. 10% is setting pods.
Technicals: The market worked higher yesterday which has helped add some strength in the overnight/early morning trade. The market is now trading above the back half of last week’s high, which opens the door for a run at filling the gap, 1373 ¼-1398. Our bias remains friendly so long as the Bulls can continue to defend support near $13.00...........Click this link to read the FULL report and receive our daily commentary Bias: Previous Session Bias: Resistance: Pivot: Support: Chicago Wheat (September)
Technicals: Wheat futures were leading the way higher yesterday, with Spring wheat carrying a lot of the weight. As mentioned in our interview with RFD-TV yesterday, if you want to be long wheat, spring wheat is probably the place to look. If you want to be short wheat, Chicago wheat should be on your radar. With that said, we would be looking for a run at the 100-day moving average to revisit the short side...........Click this link to read the FULL report and receive our daily commentary Bias: Previous Session Bias: Resistance: Pivot: Support:
Call/Text/Email, Oliver with any questions.
Oliver@BlueLineFutures.com and 312-837-3938
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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.