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Daily Grain Market Technicals and Fundamentals (1.28.10)

Published on: 14:11PM Jan 28, 2019

Grain Express

 

January 28, 2019

 
 

Important: The USDA expects to release WASDE on February 8th.

 

We will be on RFD-TV at 9:45cst Monday!

 

Corn (March)

 

Friday’s Close:  Corn futures finished Friday’s session up 3 cents, trading in a range of 4 ½ cents.

 

Fundamentals:  The big news from Friday is that the government is back open for 3-weeks, meaning that we will get a WASDE report on February 8th.  We will start compiling estimates from analysts and have those out for you over the next two weeks.  Weather continues to be a focus on the South American crop as Mato Grosso’s safrinha crop is estimated to be 10% planted.

 

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

 

 

Soybeans (March)

 

Friday’s Close:  March soybean futures finished yesterday’s session up 7 ¼ cents, trading in a range of 13 ¼ cents.

 

Fundamentals:  The big news from Friday is that the government is back open for 3-weeks, meaning that we will get a WASDE report on February 8th.  We will start compiling estimates from analysts and have those out for you over the next two weeks.  Estimates for 2019 acres are down about 4.5 million acres, not a huge surprise with the trade situation still looming.  This week, the focus will be on US and Chinese trade talks on Wednesday.  Expect headlines before and after to provide a choppy trading environment. 

 

Technicals:  The technical landscape has been shaping up well for soybeans over the past few months.  Prices are now at....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Wheat (March)

 

Friday’s Close:  March wheat future finished Friday’s session down ¼ of a cent, trading in a range of 6 ¼ cents. 

 

Fundamentals:  Near record cold temperatures coupled with concerns over lack of cover for winter wheat have helped support prices in the early morning trade while corn and beans trade steady to lower.  The USD has a tourniquet in the overnight and early morning session, after a bloodbath in Friday’s session.  If the weakness eventually continues this week, that would be supportive to wheat prices.  The big news from Friday is that the government is back open for 3-weeks, meaning that we will get a WASDE report on February 8th.  We will start compiling estimates from analysts and have those out for you over the next two weeks.

 

Technicals:  Wheat futures managed to stabilize Friday afternoon on the 50-day moving average, after trading as much as 12 ¼ cents off of Thursday’s high.  The bulls want to....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.