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Grain & Cotton Express

December 11, 2019

Corn (March)

 

Fundamentals: Yesterday’s USDA report lived up to the expectations, a total snoozer. The USDA left US carryout unchanged at 1.910 billion bushels. The only noticeable change came in an increase in world carryout, 295.5mt to 300.5mt, this came on the back of a 6.7 mb increase of Chinese corn production. Attention will focus in on South American weather and crop development, Argentina is said to be 56% planted.

 

Technicals: If you looked at a chart, you would never guess that there was a USDA report yesterday (even an intraday chart). With the markets little changed, many of our technicals remain intact. Resistance comes in from 381 ¼-382 ¾, the bulls need to see consecutive closes above here to spark a short covering rally. On the support side of things, the bulls need to defend 373-375, a break and close below here opens the door for....Sign up for your FREE two-week trial!

 

 

Soybeans (January)

 

Fundamentals: January soybeans managed to close higher yesterday following a relatively mute USDA report, marking its sixth consecutive higher close. US carryout was left unchanged at 475 million bushels. World carryout was raised to 96.40 mt, the average analyst estimate was 95.46. Trade headlines will continue to have an impact on prices, but traders will also be paying close attention to weather and crop development in South America. Argentina is said to be 53% planted.

 

Technicals: The market is hovering around the psychologically significant $9.00 handle. We continue to believe this is still just a relief rally and the bulls needed more fuel from yesterday’s report to extend gains, the lack of bullish news could put some near-term pressure on prices. If the market were to break below 894-900, we could see another leg lower. On the resistance side of things, there’s several barriers from....Sign up for your FREE two-week trial!


 

Chicago Wheat (March)

 

Fundamentals: Chicago wheat futures traded both sides before finishing the session near unchanged. US carryout dropped by 40 million bushels to 974mb, the average analyst estimate was for 1.010mb. This offered initial support but the bulls an increase in world stocks was a minor headwind. World stocks came in at 289.50mt, above the average estimate of 286.18mt.

 

Technicals: The chart is starting to resemble a strand of Christmas lights, with the daily bars going sideways, alternating between red and green for the last 5 (going on 6) sessions. The market is defending technical support well, that remains intact from 515 ¼-518 ¾. A failure here will put the bears in clear control. A close back above....Sign up for your FREE two-week trial!

 

 

Kansas City Wheat (March)

 

Technicals: The market worked lower early on, but pre-report short covering brought prices back into positive territory. A friendly report helped hold those gains, but the market stalled out against technical resistance 428 ¾-432 ¾, this was previously technical support. The bulls still have a slight advantage, but they MUST defend....Sign up for your FREE two-week trial!

 

 

Cotton (March)

 

Technicals: March cotton futures experienced another volatile session yesterday as traders tried to digest the new information from the USDA. By the close, we were back near unchanged. The bull camp has been able to defend technical support well, which keeps their hope alive, we’ve defined that support as....Sign up for your FREE two-week trial!

 

 

Feel free to contact Oliver with any questions or comments

Call or Text: 312-837-3938

Email: Oliver@BlueLineFutures.com

 

 

 

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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