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Grain Express

Corn (December)

 

Yesterday’s Close:  December corn futures finished yesterdays session up 1 cent, trading in a range of 10 ¼ cents.  Funds were estimated buyers of 5,000 contracts.

 

Fundamentals:  The weekly Crop Progress was released yesterday after the close, that report showed the good/excellent rating for corn at 57%, inline with expectations and up 1% from the previous week.  Notable changes came in Illinois which saw a drop of 5%, putting their individual rating at 37% good/excellent, this compares with 81% for the same time last year.  Attention will now turn to Thursday’s WASDE report, early expectations are for 19/20 ending stocks to be near 1.692 billion bushels, up from the previous month.  Demand has been a significant headwind as of late.  Due to last week’s holiday, the weekly Commitment of Traders report was released yesterday (instead of Friday).  The CoT has funds net long 181,648 contracts.

 

Techncials:  The market failed against our 4-star resistance pocket yesterday which has led to a round of profit taking in the overnight session.  That resistance pocket remains intact and comes in from 447 ¼-454.  This wide pocket includes a key Fibonacci retracement and the breakdown point from June 28th.  In yesterday’s report we mentioned that: “This wide pocket includes a key Fibonacci retracement and the breakdown point from June 28th.”.  Though we....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email

 

 

Soybeans (November)

 

Yesterday’s Close:  November soybean futures finished yesterday’s session up 2 ¾ cents, trading in a range of 10 ¾ cents.  Funds were estimated buyers of 1,000 contracts.

 

Fundamentals:  Yesterday’s weekly Crop Progress showed the U.S. soybean crop with a good/excellent rating of 53%, this was down 1% from the previous week and 2% below the average estimate.  Despite the friendly report, the market is seeing pressure in the early morning hours.  Some of that weakness could be on the back of friendly forecasts for crop development.  Attention will now turn towards Thursday’s WASDE report, out at 11am cst.  The average estimate for ending stocks is 812,000 million bushels.  The weekly Commitment of Traders report was released yesterday, that showed the funds holding a net short position of 36,950 contracts.

 

Technicals:   The market continues to flutter around technical support, which we have defined in previous reports as 887 ½-891 ¾.  The fact that we have....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email

 

 

Wheat (September)

 

Yesterday’s Close:  September wheat futures finished yesterday’s session down 5 ¼ cents, trading in a range of 11 ¾ cents.  Funds were estimated seller of 3,500 contracts.

 

Fundamentals:  Wheat has been under pressure to start the week as the realization of ample global supplies continues to weigh on prices.  We have been very adamant about our stance on wheat: A firm corn market may offer support but not enough to turn it bullish, a weak corn market will accelerate the selling.  Our bias remains Bearish/Neutral.

 

Technicals:  In yesterday’s report we mentioned a failure to breakout above our pivot point would lend hand to a retest of recent support, that has played out this morning with prices retreating back to our pocket from 498 ¾-502.  A break and close below here could....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email

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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.

 

 

 

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