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Buy the rumor sell the news?

Published on: 14:10PM Feb 01, 2019

Grain Express

 

February 1, 2019

 
 

 Corn (March)

 

Yesterday’s Close:  March corn futures finished yesterday’s session down 5 ¼ cents, trading in a range of 5 ¾ cents.  Funds were estimated sellers of 14,500 contracts.

 

Fundamentals:  Weekly export sales were released yesterday, for the first time since Mid-December.  For the week ending December 20th, export sales came in at 1,752,794 metric tons, above the top end of expectations.  There was a lot of chatter yesterday suggesting that the selloff in corn was on pessimism of a trade deal getting done, just glancing at the price action in beans, you can debunk that theory.  After the close yesterday, President Trump announced a positive spin on trade, saying that China has offered to purchase 5 million tonnes of U.S. soybeans.  This has helped the grain markets find some traction in the overnight/early morning trade.

 

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

 

 

Soybeans (March)

 

Yesterday’s Close:  March soybean futures finished yesterday’s session down 4 ¼ cents, trading in a range of 13 ½ cents.  Funds were estimated sellers of 4,000 contracts. 

 

Fundamentals:  Weekly export sales were released yesterday, for the first time since Mid-December.  For the week ending December 20th, export sales came in at 2,405,270 metric tons.  Yesterday after the close, President Trump announced that China had offered to buy 5 million tonnes of U.S. soybeans, that has supported prices in the overnight.  We’ve been writing allllllll week about this.  There will be no deal, but there will be a positive spin.  Knowing that both sides want to make a deal you need to anticipate those “bad” headlines being short lived and offset by a positive spin.

 

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

 

 

Wheat (March)

 

Yesterday’s Close:  March wheat futures finished yesterday’s session down 1 ¼ cents, trading in a range of 6 ½ cents.  Funds were estimated sellers of 2,000 contracts on the day.

 

Fundamentals:  Weekly export sales were released yesterday, for the first time since Mid-December.  For the week ending December 20th, export sales came in at 602,423 metric tons.  Prices traded both sides of unchanged as the market lacks conviction on clear direction.  Considering the selloff in corn, wheat held well, a silver lining in our minds.  The bulls need to round out the week on a positive note to keep momentum into next week.

 

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.