Yesterday’s Close: December corn futures finished yesterday’s session down 3 cents, trading in a 4 ½ cent range.
Fundamentals: Yesterday’s weekly EIA ethanol report showed production fell to 1.015, from 1.036 million barrels per day. Even with the drop, overall production is still up on the year. Export sales this morning came in at 1,431,000 metric tons, this was a strong number.
Technicals: The market is consolidating between key technical indicators, the inability to stage a breakout or a breakdown in the first half of the week keeps many of those levels in play yet again today. We have had 366-369 ¾ listed as resistance for multiple weeks now and we have been trading here for the better part of the last week. A close above this pocket could encourage additional long liquidation from the funds, the next resistance pocket doesn’t come in until 375 ¾-377 ¼, this pocket represents the 100-day moving average and a key retracement on the year. On the support side of things....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
Yesterday’s Close: November soybean futures finished yesterday’s session down 5 ¼ cents, trading in a range of 9 ¾ cents.
Fundamentals: Soybean futures are consolidating at the top end of resistance as market participants await new news to give them more conviction in direction. Export sales this morning came in at 1,521,200 metric tons, a very strong number. There will continue to be a lot of attention on harvest, it is possible that we see some premium come into the market ahead of the weekend. If we do see a premium into the weekend, it will likely make for an interesting Sunday night open.
Yesterday’s Close: December wheat futures finished yesterday’s session down 5 cents, trading in a range of 13 cents.
Fundamentals: The wheat market gave back some of the gains on the back of headlines regarding the potential closure of Russian ports, this should not have come as a surprise to anyone. There are some global weather concerns that could keep the market elevated here in the near term, but any big pops will likely be sold into. Export sales this morning came in at 435,300 metric tons, this was inline with expectations.
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.