A Technical Breakout Looming?

Published on: 13:55PM Jan 30, 2019

Grain Express

 

January 30, 2019

 
 

Corn (March)

 

Yesterday’s Close:  March corn futures finished yesterday’s session down 2 cents, trading in a range of 4 ¾ cents.  Funds were estimated sellers of 11,500 contracts on the day.

 

Fundamentals:  The USDA announced a sale of 138,000 metric tons of corn to South Korea yesterday, a nice hint of new news but not enough to get the bulls excited and shorts nervous.  The USDA will start releasing weekly export sales, but reports will start from when they stopped and be released twice a week.  So, it may be a while before we get up to speed.  By the time we are current, we will likely have another shutdown looming.  All eyes will be on headlines from the U.S. China trade meetings today, along with next week’s USDA report.

 

Technicals:  From a bird’s-eye view, there....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

 

Soybeans (March)

 

Yesterday’s Close:  March soybean futures finished yesterday’s session down 3 ¾ cents, trading in a range of 5 ½ cents.  Funds were estimated sellers of 4,000 contracts on the day.

 

Fundamentals:  All eyes are on today’s negotiations with Chinese trade officials, we do not expect anything concrete but are anticipating a positive spin on things.  The next big-ticket item on the calendar will be next week’s USDA report, we hope to have some estimates out over the weekend.  The USDA will start releasing weekly export sales, but reports will start from when they stopped and be released twice a week.  So, it may be a while before we get up to speed.  By the time we are current, we will likely have another shutdown looming.

 

Technicals:  The market continues to....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

 

Wheat (March)

 

Yesterday’s Close:  March wheat futures finished yesterday’s session down 4 ¼ cents, trading in a range of 11 ¼ cents.  Funds were estimated sellers of 4,500 contracts on the day.

 

Fundamentals:  Wheat market had a poor showing yesterday, on the back of a relatively mute news wire.  Prices has firmed up in the morning, but market participants will want to see volume confirm price on the floor open.  Cold weather sweeping through the Midwest may be able to offer some near-term support, but the bulls need to see a more substantive backdrop.  Hanging your hat on weather (during any season) isn’t the soundest strategy, after all, it is winter. 

 

Technicals:  Wheat futures....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

Sign up for a FREE trial of 1 or all 4 of our daily commodity reports!

-Grains

-Livestock

-S&P, Gold, Oil

-Currencies

 

 

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.