Daily Grain Technicals & Fundamentals (10.25.18)

Published on: 13:07PM Oct 25, 2018

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Corn (December)

 

Yesterday’s Close:  December corn futures finished yesterday’s session down 2 cents, trading in a range of 2 cents.  Funds were estimated sellers of 4,000 contracts on the day.

 

Fundamentals:  Export sales this morning came in at 349,500 metric tons for 2018/2019 and 28,000 metric tons for 2019/2020.  Yesterday’s weekly EIA ethanol report showed production increased to 1.024 million barrels per day.  We will continue to watch the USD which made multi-month highs yesterday, if it continues to hold strength it will be a headwind for corn.  With the crop made here in the states, attention will be put on South America as they finish planting and their crop starts developing. 

 

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Soybeans (November)

 

Yesterday’s Close: November soybean futures finished yesterday’s session down 5 ¾ cents, trading in a range of 6 ¾ cents.  Funds were estimated sellers of 10,500 contracts on the day.

 

Fundamentals:  Export sales this morning came in at 212,700 metric tons for 2018/2019 and 1,000 metric tons for 2019/2020.  Soybeans have been under pressure over the last week and a half as harvest pressure picks up and option expiration looms.  Option pricing for November options that expire this week are not pricing in much panic here which is a silver lining for bullish traders. 

 

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Wheat (December)

 

Yesterday’s Close:  December wheat futures finished yesterday’s session down 8 ½ cents, trading in a range of 14 cents.  Funds were estimated sellers of 7,000 contracts on the day.

 

Fundamentals:  Export sales this morning came in at 422,600 metric tons for 2018/2019 and 6,000 metric tons for 2019/2020.  We will continue to watch the USD which made multi-month highs yesterday, if it continues to hold strength it will be a big headwind for wheat.  With option expiration tomorrow, we have a hard time seeing the market breaking in the next two days. 

 

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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.