Buy grains?

Published on: 14:10PM Nov 19, 2018

Grain Express

 

November 19, 2018

 
 

Corn (December)

 

Last Week’s Close:  December corn futures finished Friday’s session down 2 ¾ of a cent, extending losses for the week to 4 ½ cents. For the week, futures traded in a 9 ¼ cent range. Friday’s Commitment of Traders report showed funds bought 1,271 futures through November 13th, extending their net long position to 15,833 futures.

 

Fundamentals:  Corn is stable in the overnight session despite weakness in soybeans and wheat.  It is a shortened week due to Thanksgiving, so we would expect to see things quiet down as market participants leave the screens early.  Corn will close at 1:20pm cst Wednesday and not re-open until 8:30am cst Friday.

 

Technicals: To get our daily reports emailed to you each morning,Click HERE or email Oliver@BlueLineFutures.com

 

 

Soybeans (January)

 

Last Week’s Close:  January soybean futures finished Friday’s session up 3 ¾ cents, extending gains for the week to 6 ½ cents. For the week, futures traded in a 20 ¼ cent range. Friday’s Commitment of Traders report showed funds sold 10,619 contracts through November 13th, extending their net short position to 49,485 futures.

 

Fundamentals:  The U.S. and China did not put out a joint statement from APEC summit over the weekend, the first time this has happened since the summit began in 1993.  This has soybean futures under pressure to start he week.  There was a meeting between trade representatives scheduled before the G-20 summit at the end of the month, that has apparently been removed from the calendar, putting a bigger emphasis on the G-20 summit.  We would not be surprised to see additional headlines between here and there that suggest both parties want to make a deal, this would put the risk to the upside.

 

Technicals:  To get our daily reports emailed to you each morning,Click HERE or email Oliver@BlueLineFutures.com

 

 

Wheat (December)

 

Last Week’s Close:  December wheat futures finished Friday’s session up 1 ¼ cents, extending gains for the week to 4 ½ cents. For the week, futures traded in a 19 ¾ cent range. Friday’s Commitment of Traders report showed funds bought 13,440 contracts through November 13th, trimming their net short position to 28,525 futures.

 

Fundamentals:  Wheat futures are under pressure to start the week on some spillover selling, despite a softening U.S. dollar.  Crop Progress after the close is expected to show winter wheat planting at 94% complete.  Good to excellent ratings are expected to jump 1% to 55%.  If KC wheat can start to build a base, that would likely be beneficial to the Chicago wheat contract.

 

Technicals: To get our daily reports emailed to you each morning,Click HERE or email Oliver@BlueLineFutures.com

 

 

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.