Fundamentals: December corn futures managed to stage a rather constructive session, despite prices being little changed at the close. Export sales this morning came in at 491,500 metric tons, up 15% from the four-week average. Yesterday’s weekly ethanol report showed production rose 25,000 barrels per day. There’s not a lot of flashy headlines expected as we look to round out the week, attention continues to be on harvest reports, money flow, and technicals.
Technicals: The market worked lower in yesterday’s early morning trade but managed to grind higher throughout the day, when we saw more participation on the floor open. That is a positive technical development, but the bulls still have some work to do before getting to excited about a four-cent reversal. Our pivot pocket remains intact from....Sign up for your FREE two-week trial!
Fundamentals: The USDA announced a sale of 128,000 metric tons to “unknown”, this is likely China. This morning’s export sales report came in at 475,200 metric tons for 19/20, down 72% from the four-week average. Market participants don’t have much on the calendar as we round out the week, in terms of scheduled releases. They will be keeping their ear to the ground for harvest reports and trade talks, both of which are very fluid.
Technicals: The market has been presenting some great opportunities for both sides, trading in wide ranges put mostly staying between 930-935 for the last week and a half. This choppy, sideways trade keeps our technical support and resistance pockets intact. 948-950 is the significant pocket on our radar, this represents the June highs. If the bulls can achieve consecutive closes above this pocket, we could see an extension towards....Sign up for your FREE two-week trial!
Chicago Wheat (December)
Fundamentals: December Chicago wheat futures started yesterday’s session lower but managed to claw back into positive territory with help from corn and beans coming off of their lows. Export sales this morning came in at 262,400 metric tons for 19/20, down 31% from the four-week average. With little new news scheduled we will continue to watch money flow and technicals, not just for wheat but the other grains too, as it will likely have some sort of spillover effect.
Technicals: First support was tested and held yesterday; we had defined that as 515 ¼. In yesterday’s report we wrote: “If you reduced against resistance and are still bullish, this is the spot to consider putting that exposure back on.”. The bulls need to see....Sign up for your FREE two-week trial!
Kansas City Wheat (December)
Technicals: Kansas City wheat futures worked into our first support pocket from 415 ½-420 and managed to hold. The bull camp needs to defend this pocket through the remainder of the session, a failure to do so could take us back to....Sign up for your FREE two-week trial!
Fundamentals: Cotton futures have stabilized through the first half of the week as participants remain optimistic on future supply and demand fundamentals. Export sales this morning came in at 140,500 RB for 2019/2020, this was down 32% from last week and down 23% from the four-week average.
Technicals: Consolidation over the past few sessions have kept most of our support and resistance pockets unchanged. First resistance comes in from....Sign up for your FREE two-week trial!
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