Corn at the top end of the range
Dec 28, 2017
Yesterdays Close: March corn finished up ¾ of a cent yesterday, trading in a range of 2 ½ cents on the session.
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. Volume was up slightly from the previous session but still well below average. Ethanol has been the bright spot on the fundamental side, if that starts to soften we could see that carry over into pressure in the grains. The market really needs to consistently see better than expected export data to give the bulls a chance. Within the range of expectations is basically bearish in this environment.
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 view our entire technical outlook and proprietary bias and levels.
Yesterdays Close: Soybeans closed 3 cents lower yesterday, trading in a range of 10 ½ on the session.
Fundamentals: The USDA announced a sale of 110,000 metric tons to China for the 2017/2018 marketing year. China is one of the catalyst that doesn’t get a lot of talk this time of year with much of the attention on South American weather conditions and crop development. As with corn, exports need to consistently start coming in above expectations to give the market some positive vibes. Where we are at now, within expectations is more bearish than neutral.
Technicals: Soybean futures failed to maintain momentum and reversed yesterday to finish in the red. This failure leads us to believe that there is more weakness in the market. Now keep in mind that we are....Please sign up for a Free Trial to view our entire technical outlook and proprietary bias and levels.
Yesterdays Close: March wheat futures finished yesterdays session up 5 cents, trading in a range of 7 ½ cents.
Fundamentals: The market managed to gain back it’s loses from the previous two sessions despite there not being much new news to confirm support. Volume has been thinning this week which makes it hard to read too much into things. Bearish fundamentals will likely keep a lid on the market in the near term. The bulls want to see a shift of consistently better than expected exports.
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 still in control of the market, we would like to see....Please sign up for a Free Trial to view our entire technical outlook and proprietary bias and levels.
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