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Daily Grain Technicals & Fundamentals (10.22.18)

Published on: 13:05PM Oct 22, 2018

Corn (December)

 

Last Week’s Close:  December corn futures finished Friday’s session down 4 ½ cents, extending losses for the week to 7 ¾ cents. For the week, futures traded in a 12 ½ cent range. Friday’s Commitment of Traders report showed funds bought back 60,657 futures through October 16th, putting them in net long territory by 21,258 contracts.

 

Fundamentals:  Crop progress will be released today at 2pm cst (per usual), analysts are expecting harvest to be reported at 49% complete, versus the five-year average for this time of 47%.  With the U.S. crop made and nearly half harvested, attention will start to turn to South America as they continue to get their crop in the ground and we see things start to develop. 

 

Technicals: Click this link to get our full commentary.

 

Soybeans (November)

 

Last Week’s Close:  November soybean futures finished Friday’s session down 7 ¼ cents, extending losses for the week to 11 ¼ cents. For the week, futures traded in a 35 ¾ cent range. Friday’s Commitment of Traders report showed funds bought back 8,579 futures through October 16th, shrinking their net short position to 31,112 contracts.

 

Fundamentals:  The market rolled over in the back half of last week on a lack of bullish headlines that led to a technical failure.  The market has been muted in the overnight and early morning session on little new news over the weekend.  This afternoon’s Crop Progress report is expected to show soybean harvest at 52% complete, compared to the five-year average of 68%.   Keep in mind that November option expiration is this week, 850 would be the psychologically significant price to keep an eye on at the end of the week, but 860 puts have more open interest which may help support prices.

 

Technicals: Click this link to get our full commentary.

 

Wheat (December)

 

Last Week’s Close:  December wheat futures finished Friday’s session up ¾ of a cent, trimming losses for the week to 4 cents. For the week, Futures traded in a 16 ¼ cent range. Friday’s Commitment of Traders report showed funds bought 1,846 futures through October 16th, shrinking their net short position to 16,252 contracts.

 

Fundamentals:  Crop Progress will be released after the close today, analysts are expecting to see winter wheat planting to be 77% complete, a hair behind the 5-year average of 80%.  We will continue to keep a close eye on corn and beans as they will likely have some sort of spill over affect into wheat, whether that be positive or negative. 

 

Technicals:  Click this link to get our full commentary.

 

 

-If you have questions about our services or would like to discuss the markets in more depth, please feel free to email Oliver@BlueLineFutures.com, or call/text 312-837-3938.

 

 

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