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Daily Grain Technicals & Fundamentals (10.26.18)

Published on: 13:09PM Oct 26, 2018

-Where is the bottom for grains?

-Will cattle break out of their range?

-Will lean hogs fail against technical resistance?

 

Oliver Sloup shares his thoughts in our weekly "2 Minute Drill", a video breakdown of the grain and livestock markets. Click the link above to watch on our site.

 

Corn (December)

 

Yesterday’s Close:  December corn futures finished yesterday’s session down 7 ¾ cents, trading in a range of 7 ¾ cents.  Funds were estimated sellers of 26,000 contracts.

 

Fundamentals:  Corn future got taken to the woodshed yesterday, thanks to another week of poor exports and a surging U.S. Dollar.  Export sales came in at 349,500 metric tons for 2018/2019 and 28,000 metric tons for 2019/2020.  The market was looking for combined exports to come in from 400,000-800,000 metric tons.  With the crop made here in the states, attention will be put on South America as they finish planting and their crop starts developing.

 

Technicals:  Click this link to get our full commentary delivered to your email.

 

 

Soybeans (November)

 

Yesterday’s Close:  November soybean futures finished yesterday’s session 7 ¾ cents lower, trading in a range of 11 cents.  Funds were estimated sellers of 10,000 contracts on the day.

 

Fundamentals:  Another week of poor exports, coupled with a surging U.S. dollar, provided a big headwind for grains in yesterday’s session.   Export sales this morning came in at 212,700 metric tons for 2018/2019 and 1,000 metric tons for 2019/2020. The market was looking for combined exports to come in from 300,000-700,000 metric tons.  November options expire at the close, this could have an impact on today’s price action.  With options expiring today, we will be moving to January futures going forward.

 

TechnicalsClick this link to get our full commentary delivered to your email.

 

 

Wheat (December)

 

Yesterday’s Close:  December wheat futures finished yesterday’s session down 14 cents, trading in a range of 14 ½ cents. 

 

Fundamentals:  Wheat has been affected most by the strength in the U.S. dollar, which means a reversion would be most beneficial.  Export sales yesterday were half-way decent, coming in at 422,600 metric tons for 2018/2019 and 6,000 metric tons for 2019/2020.  Analysts were looking for combined exports to come in between 200,000-500,000 metric tons. 

 

TechnicalsClick this link to get our full commentary delivered to your email.

 

 

-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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