Fundamentals: Corn futures were softer to start the week as market participants continued to digest Friday’s delayed WASDE report. The delay provided a pop from algo buying but was short lived as participants realized it wasn’t a bullish report. We are in a time of year where new news is hard to come by, the bulls NEED to see better weekly export numbers and a weaker USD to help shift the money flow and prop up the board. Crop Progress will be out after the close, expectations are for harvest to be near 70% complete.
Technicals: Unfortunately, the bear camp has seized control of the technical landscape, only consecutive closes back above.... Sign up for your FREE two-week trial!
Fundamentals: Soybean futures broke down below technical support on the lack of bullish news. President Trump is set to speak at the Economic Club of New York today, the topic: U.S. Trade Policy. We are expecting to see headlines from this, influence prices. Looking at past references, it is more likely to be a positive spin than a negative one. This afternoons Crop Progress report is expected to show harvest at 90-95% complete.
Technicals: The market broke below technical support yesterday which has help aid a bearish head and shoulders pattern, leaving the door open for further declines. First technical support today comes in from....Sign up for your FREE two-week trial!
Chicago Wheat (December)
Fundamentals: Chicago wheat futures slid lower yesterday on the back of weakness in corn and beans. The Kansas City contract has been narrowing the gap, we continue to believe that spread will narrow over time.
Technicals: Chicago wheat futures are threatening a retest of technical support, we have defined that as 496 ¼-500 ¾. This is a must hold pocket for the bull camp, a failure and break below opens the door for a decline towards....Sign up for your FREE two-week trial!
Kansas City Wheat (December)
Technicals: Kansas City wheat futures have been putting in some work to help narrow the spread with the Chicago contract and we believe there is more to go. The bulls have the advantage here so long as they can continue to defend technical support from....Sign up for your FREE two-week trial!
Technicals: The market has been consolidating recently, trading in between our support and resistance pockets, keeping them intact. We remain optimistic on prices but need to see the bulls defend support from....Sign up for your FREE two-week trial!
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