Daily Grain Market Update (4.29.19)

Published on: 12:56PM Apr 29, 2019

Grain Express

 

April 29, 2019

 
 

 

 

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

 

 

 

 

 

Corn (July)

 

Friday’s Close:  July corn futures finished Friday’s session up 5 cents, trading in a range of 6 ½ cents.

 

Fundamentals:  The market has moved well off last week’s lows as option expiration created a little extra volatility in last week’s trade.  Friday’s Commitment of Traders report showed that funds are holding a record short position of 322,215 futures/options, producers are holding a record net long position of 47,097.  Crop progress will be released after the close today, expectations are for the U.S. corn crop to be 15-17% planted, in line with last years pace but lagging the 5-year average of 25%.  Weather throughout the Midwest will continue to be a big factor over the coming weeks and the market will likely respond to the ever-changing forecasts.

 

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

 

 

Soybeans (July)

 

Friday’s Close:  July soybean futures finished Friday’s session down 4 ½ cents, trading in a range of 7 ¼ cents.

 

Fundamentals:  The market found it hard to find footing last week as the lack of bullish news continues to keep prices depressed.  Trade headlines could pick up this week as U.S. and Chinese trade representatives are expected to continue negotiations.  Crop progress will be out after the close today, expectations are for the U.S. soybean crop to be 5% planted, in line with historical averages.  If we see bigger than expected delays in corn planting, we could start to hear chatter of a shift in acres.  Friday’s Commitment of Traders report showed the funds have a record short position of 129,566 futures/options.

 

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

 

 

Wheat (July)

 

Friday’s Close:  July wheat futures finished Friday’s session up 1 ¾ cents, trading in a range of 6 ¼ cents.

 

Fundamentals:  Wheat futures are trying to fish for a bottom but have come up unsuccessful, thanks to the lack of bullish headlines.  Friday’s Commitment of Traders report showed funds are short 67,992 Chicago futures/options contracts.  Crop progress will be out today, after the close.  Expectations is for spring wheat to be 15% planted, ahead of last years pace but still lagging the historical average significantly. 

 

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

 

Sign up for a FREE trial of 1 or all 4 of our daily commodity reports!

-Grains

-Livestock

-Currencies

-S&P, Oil, Gold

 

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.