Daily Grain Technicals & Fundamentals (10.30.18)

Published on: 13:05PM Oct 30, 2018

Grain Express

 

October 30, 2018

 
 

Corn (December)

 

Yesterday’s Close:  December corn futures finished yesterday’s session down 1 cent, trading in a range of 6 cents for the day. 

 

 

Fundamentals:  Export inspections yesterday morning came in at 652,995 metric tons, this was below expectations which may have played a roll in the reversal from the Sunday night strength.  The weekly Crop Progress report showed that corn is now 63% harvested, 1% behind expectations but right in line with the 5-year average.  The U.S. Dollar is marching higher this morning which may be an additional headwind for the market in the near term.

 

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Soybeans (January)

 

Yesterday’s Close:  November soybean futures finished yesterday’s session down 4 cents, trading in a range of 15 cents for the day.

 

Fundamentals:  Export inspections yesterday morning came in at 1,304,000 metric tons, well above expectations.  On top of that, the USDA reported 120,000 metric tons of soybeans sold to “unknown”, likely China.  Despite the positive news, the market could not hold on to their overnight rally.  Some of the weakness may have come from liquidation after traders were assigned long futures after option expiration.  The weekly Crop Progress report showed soybean harvest is now 72% complete, 2% ahead of expectations but still lagging the 5-year average pace, 81%.

 

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

 

 

Wheat (December)

 

Yesterday’s Close:  December wheat futures finished yesterday’s session up 1 ¾ cents, trading in a range of 12 ¼ cents for the day.

 

Fundamentals:  Export inspections yesterday morning came in at 393,255 metric tons, within the range of expectations.  The weekly Crop Progress report showed winter wheat planting is 78% complete, 4% behind the expectations and 7% behind the five-year average.  In the first crop ratings report the USDA has good/excellent ratings at 53%, 5% below the estimates but only 2% behind the five-year average.  The U.S. Dollar is marching higher this morning which may continue to be a headwind for the market in the near term.

 

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

 

 

Algo Trading Systems

 

Check out one of our corn algo trading systems: Corn System

 

Check out one of our soybean algo trading systems: Soybean System

 

Check out one of our wheat algo trading systems: Wheat System

 

 

 

-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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