Bargain Buyers in Beans
Dec 27, 2017
Yesterdays Close: March corn futures finished the day up ¼ of a cent, trading in a range of 2 ¼ cents on the day. Funds were estimated buyers of 1,500 contracts.
Fundamentals: The last week of the year is historically quiet and it appears this year is no different. Sandwiched between two holidays (Christmas and New Year’s), the volume and news wires dry up. Yesterdays volume was 54,881, this compares to last month (November 27th) where we saw 299,633 contracts traded. As we look ahead to the new year, market participants will be looking forward to the January 12th USDA report which will be the last production report for 2017 corn and beans. South American weather and crop development will be a key catalyst.
Technicals: Because volume confirms price, it is hard to put much weight in the fact that we have had five consecutive closes higher. A move higher on light volume in a bear market typically represents.......Please sign up for a Free Trial to see our entire technical outlook and proprietary bias and levels
Yesterdays Close: March soybeans gaped higher and finished the day up 8 ½ cents, trading in a range of 11. Funds were estimated buyers of 8,000 contracts on the session.
Fundamentals: As with corn, and any market for that matter, the markets and the news tend to thin out on the last week of the year. Going into 2018 market participants will be looking forward to the final production number for 2017, this will come from the USDA on January 12th. Beyond that, attention will be on South American weather and crop development. There have been talks of potential weather problems, but if those don’t come to light we could see another record crop put further pressure on prices.
Technicals: The market has managed to get some legs over the past two sessions following an uninterrupted two and a half week 60 cent sell-off. We are not reading too much into...Please sign up for a Free Trial to see our entire technical outlook and proprietary bias and levels
Yesterdays Close: March wheat futures closed 2 ¾ cents lower yesterday, trading in a range of 6 cents. Funds were estimated sellers of 1,500 contracts.
Fundamentals: There has been a lack of new news recently and that is likely to continue through the remainder of the week. Volume is 1/3 of what it was last month at this time. As we look towards 2018, the bulls will want to see a shift in fundamentals. The global stocks and dismal demand has kept the market under pressure for the last 6 months and we expect that to continue into the new year.
Technicals: The market has narrowed up in terms of its daily ranges as the volume has thinned out over the last two weeks. The bears are.....Please sign up for a Free Trial to see our entire technical outlook and proprietary bias and levels
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