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A Bottom for Corn Soybeans and Wheat?

Published on: 14:16PM Mar 04, 2019

Grain Express

 

March 4, 2019

 
 

 Corn (May)

 

Last Week’s Close: May corn future finished Friday’s session up 2 cents, 6 ¼ cents off of the intraday lows. For the week, futures were down 12 ½ cents and traded in a range of 21 ¾ cents.

 

Fundamentals:  Late on Friday, President Trump tweeted: “I have asked China to immediately remove all Tariffs on our agricultural products (including beef, pork, etc.) based on the fact that we are moving along nicely with Trade discussions and I did not increase their second traunch of Tariffs to 25% on March 1st. This is very important for our great farmers - and me!”.  This has helped spark some momentum in the grains to start the week.  The big-ticket item will be the USDA report on Friday, we hope to have estimates for you by mid-week.

 

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

 

 

Soybeans (May)

 

Last Week’s Close: May soybean futures finished Friday’s session up ½ of a cent, 10 cents off of the intraday lows. For the week, futures were down 12 ¾ cents and trade in a 24-cent range.

 

Fundamentals:  A tweet from President Trump, asking for China to remove all tariffs on agricultural products have given the market a breath of fresh air.  It is far from a deal but certainly a near term silver lining for the Ag markets.  Market participants will continue to keep an ear to the ground on trade but they will also be focusing in on Friday’s USDA report.  We will be compiling estimates in the first half of the week and will have them out for you before the release.

 

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

 

 

Wheat (May)

 

Last Week’s Close: May wheat futures finished Friday’s session down 2 ¼ cents, 10 cents off of the intraday lows. For the week, futures were down 32 ¾ cents and traded in a range of 47 ¾ cents.

 

Fundamentals:  Wheat had a nice reversal to wrap up last week’s trade and is finding some follow through strength in the early morning trade, in part thanks to corn and beans.  The market was in free fall over the last two weeks which leaves the potential for a short covering relief rally ahead of this week’s USDA report, released Friday. 

 

Technicals:....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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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.