A Bottom for Wheat?

Published on: 14:04PM Feb 27, 2019

Grain Express

 

February 27, 2019

 
 

Corn (May)

 

Yesterday’s Close:  May corn futures finished yesterday’s session down 4 ¾ cents, trading in a range of 5 ½ cents.  Funds were estimated sellers of 25,000 contracts on the day.

 

Fundamentals:  Corn futures continued to work lower in yesterday’s session as selling and liquidation continued to feed on itself.  Tomorrow is First Notice Day for March grain contracts, those who hold long positions past today’s close risk delivery.  We feel that this has been a big factor in the recent down turn, and that this could put in a near term bottom and present a buying opportunity in the back half of the 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)

 

Yesterday’s Close:  May corn futures finished yesterday’s session down 6 ½ cents, trading in a range of 11 ½ cents.  Funds were estimated sellers of 9,000 contracts on the day. 

 

Fundamentals:  The market officially digested the news of Chinese purchasing commitments as a way to kick the can down the road, something that we wrote about in Monday morning’s report.  The market is still paying close attention to those negotiations and headlines that may come of them, but we continue to keep our expectations tempered.  China has some leverage as the 2020 campaign cycle continues to get up and going. 

 

Technicals

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

 

 

Wheat (May)

 

Yesterday’s Close:  May wheat futures finished yesterday’s session down 4 ¾ of a cent, trading in a range of 11 cents.  Funds were estimated sellers of 6,000 contracts on the day. 

 

Fundamentals:  Wheat futures continued to roll over as liquidation continued ahead of First Notice Day.  Those who hold long positions past today’s close risk delivery.  We feel that this has been a big factor in the recent down turn, and that this could put in a near term bottom and present a great buying opportunity in the back half of the week.  We started working with clients in positioning yesterday and will continue through today, with futures and options.

 

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.