Daily Grain Market Update (4.25.19)

Published on: 13:15PM Apr 25, 2019

Grain Express

 

April 25, 2019

 
 

Corn (July)

 

Yesterday’s Close:  July corn futures finished yesterday’s session down 4 ¾ cents, trading in a range of 6 ¾ cents.  Funds were estimated sellers of 22,000 contracts.

 

Fundamentals:  Export sales this morning came in at 782,900 metric tons, within the range of expectations.  Yesterday’s weekly EIA ethanol report showed production increased to 1.048 million barrels per day, up 32,000 bpd.  For the last week we had been talking about option expiration keeping a lid on a rally, what we didn’t expect was to see it inflict so much pain on the bull camp.  We are still optimistic on prices but need to get passed this week’s trade.  If you’re still in May futures, you will want to roll before tomorrow’s close. 

 

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

 

 

Soybeans (July)

 

Yesterday’s Close:  July soybean futures finished yesterday’s session down 7 cents, trading in a range of 10 ¾ cents.  Funds were estimated sellers of 10,000 contracts.

 

Fundamentals:  Export sales this morning came in at 619,000 metric tons, within the range of expectations.  Funds keep pressing their short position on the back of a big technical breakdown over the last week, coupled with a lack of bullish headlines to offer support.  We have been outright neutral on beans for the last week plus and continue to have that bias.   U.S. trade representatives will be heading to China next week, perhaps headlines from this will offer some near-term support to the oversold market.

 

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

 

 

Wheat (July)

 

Yesterday’s Close:  July wheat futures finished yesterday’s session down 6 ½ cents, trading in a range of 9 ¾ cents.  Funds were estimated sellers of 5,500 contracts.

 

Fundamentals:  Wheat futures continue to melt lower on the lack of any bullish headlines.  Export sales this morning came in at 651,500 metric tons, within the range of expectations.  We believe that money flow into option expiration and first notice day will be the leader for the remainder of the week.

 

Technicals:  We have mentioned several times over the last week and a half that the breakdown on April 16th opened the door for a retest of contract lows at 435 ½, here we are.  If we can....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.