Daily Grain Market Commentary (3.21.19)

Published on: 13:01PM Mar 21, 2019

Grain Express

 

March 21, 2019

 
 

 Corn (May)

 

Yesterday’s Close:  May corn futures finished yesterday’s session unchanged, trading in a range of 3 ¾ cents.  Funds were estimated sellers of 3,500 contracts.

 

Fundamentals:  Today is the start of an unofficial 2-day holiday, March Madness.  It sounds like a joke, but typically the volatility dries up and instead of watching quote boards on the floor of the exchange, traders are watching the basketball games.  Other than that, not much has changed over the last 24 hours.  We continue to believe that there will be a growing concern on spring planting in the Midwest, logistic problems on the rivers, coupled with a large net short position from funds is keeping us optimistic.  April option expiration is this tomorrow, that is likely playing some role in the price action.  Export sales this morning came in at 915,900 metric tons, within the range of expectations. 

 

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

 

 

Soybeans (May)

 

Yesterday’s Close:  May soybean futures finished yesterday’s session up 1 ¾ cents, trading in a range of 7 ¼ cents.  Funds were estimated buyers of 4,500 contracts.

 

Fundamentals:  Soybeans managed to work higher yesterday on “renewed hopes” of potential progress with trade.  In our opinion, not much has changed.  As mentioned, several times over the last several months, we would not be surprised to see this take longer than people expect and want.  Going into an election cycle, China knows they have leverage.  Export sales this morning came in at 335,100 metric tons, well below the low end of the range of estimates.  As mentioned in the corn section above, today is the start of an unofficial two-day holiday, March Madness.  It sounds like a joke, but typically the volatility dries up and instead of watching quote boards on the floor of the exchange, traders are watching the basketball games.

 

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

 

 

Wheat (May)

 

Yesterday’s Close:  May wheat futures finished yesterday’s session down 8 cents, trading in a range of 10 ¼ cents.  Funds were estimated buyers of 5,000 contracts.

 

Fundamentals:  Export sales this morning came in at 437,400 metric tons, within the range of expectations.  Not much else has changed over the last 24-hours.  We continue to be optimistic on prices (more so corn), if we start to see short covering in corn, we would anticipate that to carry over into some strength in the wheat market. 

 

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.