Daily Grain Technicals & Fundamentals (10.31.18)

Published on: 13:26PM Oct 31, 2018

Grain Express

 

October 31, 2018

 
 

Corn (December)

 

Yesterday’s Close:  December corn futures finished yesterday’s session down 2 ¾ of a cent, trading in a 3 ¾ cent range for the day.  Funds were estimated sellers of 5,000 contracts on the day. 

 

Fundamentals:  The fundamental landscape hasn’t changed much over the last 24 hours.  There has been a nice window this week for farmers to keep pace with harvest, this may be keeping a lid on a near term rally.  The dollar worked higher yesterday which didn’t help the bull case, if it starts to retreat, we would view that as friendly.  Export sales tomorrow morning is the only scheduled announcement that may influence the market.  We have seen a string of subpar numbers; the bulls are hoping that trend ends tomorrow.  It is the last day of the month which may cause funds to tighten things up. 

 

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Soybeans (January)

 

Yesterday’s Close:  January soybeans finished yesterday’s session down 6 ¾ cents, trading in a range of 9 ¼ cents.  Funds were estimated sellers of 7,500 contracts on the day.

 

Fundamentals:  There has been a window of opportunistic weather for producers to catch up on harvest, that has likely played a hand in the weaker price action to start the week.  Outside of that, there has been little new news on the wires over the last 24 hours and not much expected today.  Export sales will be out tomorrow morning, bulls need to see a strong number to have a chance for a rally in the back half of the week.  It is the end of the month, so perhaps we see some position squaring from the funds. 

 

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Wheat (December)

 

Yesterday’s Close:  December wheat futures finished yesterday’s session down 6 ¾ cents, trading in a range of 10 ½ cents.  Funds were estimated sellers of 7,000 contracts on the day. 

 

Fundamentals:  Wheat remains under pressure as the U.S. dollar continues to march higher.  The lack of bullish news has the sellers piling in as prices work back towards recent lows.  Export sales tomorrow is the next scheduled announcement that may have an influence on price.  Export sales have been better than what we have seen in corn and beans, but still not good enough to get the shorts nervous.

 

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