Brutal Export Sales

Published on: 13:17PM May 09, 2019

Grain Express

 

May 9, 2019

 
 

 

 

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Corn (July)

 

Yesterday’s Close:  July corn futures finished yesterday’s session down 4 ½ cents, trading in a range of 6 ¾ cents. 

 

Fundamentals:  President Trump reiterated last night at a rally that China broke the deal and they will pay, that has futures softer in the overnight and early morning trade (albeit on light volume).  These volatile headlines are likely to continue through the next two sessions.  Tomorrow’s USDA report will be released at 11am cst, the average estimate for old crop ending stocks comes in at 2.055 billion bushels.  Yesterday’s weekly EIA ethanol report showed that ethanol production rose 12,000 barrels per day to 1.036 bpd.  Export sales this morning came in at 287,600 metric tons of old crop and 6,900 metric tons of new crop; not good.

 

Technicals:  The market was....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 down 5 ¾ cents, trading in a range of 10 ¼ cents. 

 

Fundamentals:  President Trump reiterated last night at a rally that China broke the deal and they will pay, that has futures softer in the overnight and early morning trade.  These volatile headlines are likely to continue through the next two sessions.  Tomorrow’s USDA report will be released at 11am cst, the average estimate for old crop ending stocks comes in at 920 million bushels.  Export sales this morning came in at  149,100 metric tons of old crop and 295,600 metric tons of new crop; far from good.

 

Technicals:  Yesterday’s session was....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 down 3 cents, trading in a range of 9 cents.

 

Fundamentals:  July wheat futures have been consolidating as of late as the market anticipates tomorrow’s USDA report, out at 11 am cst.  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.  Export sales this morning came in at 90,600 metric tons of old crop and 412,30 metric tons, within the range of expectations. 

 

Technicals:  Consolidation has been....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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