Grain Express 8/10/22
Posted: Aug. 10, 2022, 8:19 a.m.
Fundamental Snapshot
WASDE Estimates
Reuters has complied estimates for Friday’s WASDE report. The average analyst estimate for corn yield is 175.9, with production at 14.392. The average estimate for soybean yield is 51.1, with production at 4.481. Over the years, the August report has been known to offer big surprises to the market.
Flash Sales
Yesterday morning, private exporters reported sales of 133,000 metric tons of corn for delivery to China during the 2022/2023 marketing year.
This morning private exporters reported sales of 196,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.
CPI
This morning’s CPI report came in softer than expected. MoM was most crucial. Headline MoM was flat, meaning no increase from June. Core MoM 0.3% v 0.5% exp. Headline YoY down from 40-year high of 9.1% in June to 8.5%, below the 8.7% expected. Even Core YoY was below exp at 5.9% v 6.1%. The initial broad market reaction is “RISK ON”. A softer than expected number has market participants thinking that the Federal Reserve may take their foot off the pedal (in terms of raising rates).
Weather Outlook
The Technical Landscape
Corn (September)
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Soybeans (September)
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Wheat (September)
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Sign up for a Free Trial
Don't have an account with Blue Line Futures?
Futures trading involves a 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.
Like this post? Share it below:
Back to Insights
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Free Trial