A Big Week For Grains

Published on: 13:03PM May 08, 2019

Grain Express

 

May 8, 2019

 
 

Corn (July)

 

Yesterday’s Close:  July corn futures finished yesterday’s session up 2 ¾ cents, trading in a range of 5 ¼ cents.

 

Fundamentals:  Corn futures managed to work higher yesterday as the market brushed off trade concerns and focused on weather and position squaring ahead of Friday’s WASDE report.  The average estimate for old crop ending stocks comes in at 2.055 billion bushels.  Futures were in positive territory for much of the overnight session but retreated this morning on headlines that China backtracked on nearly all aspects of the trade deal that was being negotiated, this would explain the frustration and tweet from President Trump, Sunday morning.  In fact, Reuters reported: talks were so bad that the real surprise is that it took Trump until Sunday to blow up, the source said. This headline could be a headwind through today’s session.

 

Technicals:  The market managed climb back to....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com

 

 

Soybeans (July)

 

Yesterday’s Close:  July soybean futures finished yesterday’s session unchanged, trading in a rage of 9 ¾ cents.

 

Fundamentals:  The big news this morning is that China backtracked on nearly all aspects of the trade deal that was being negotiated, this would explain the frustration and tweet from President Trump, Sunday morning.  In fact, Reuters reported: talks were so bad that the real surprise is that it took Trump until Sunday to blow up, the source said. We are slightly surprised that futures haven’t budged much but wouldn’t be surprised to see it act as a headwind this morning.  With that said, you could make the argument that much of that had been priced in over the last 2-3 weeks. 

 

Technicals:  The market spent yesterday’s session...Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com

 

 

Wheat (July)

 

Yesterday’s Close:  July wheat futures finished yesterday’s session up 3 cents, trading in a range of 11 cents.

 

Fundamentals:  Wheat futures have managed to consolidate well over the past wee as the market looks for new news before taking new direction.  We will continue to keep a close eye on money flow ahead of Friday’s WASDE report.  Average estimates for old crop stocks comes in at 1.097 billion bushels, with new crop stocks at 1.060 billion bushels.  Winter wheat production is estimated to be at 1.282 billion bushels.

 

Technicals:  Consolidation has been the theme for wheat over the last week as prices remain....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com

 

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