Daily Grain Technicals & Fundamentals (10.9.18)
Oct 09, 2018
Yesterday’s Close: December corn futures finished yesterday’s session down 1 ½ cents, trading in a range of 5 ¼ cents. Funds were estimated sellers of 7,000 contracts on the day.
Fundamentals: Corn futures finished Monday’s session slightly lower as weather premium from the previous week worked out of the market. The wet forecasts had some concerned about harvest, but the 10-day forecast are looking a little more beneficial. As stated in last week’s report, the weather premium is generally a fade. Due to Columbus Day, the weekly Crop Progress report will be released today, analysts are expecting to see harvest 34% complete. The big-ticket item will be Thursday’s WASDE report, we will have estimates out in tomorrow’s report.
Technicals: The market has been trading within our support and resistance levels for the last week, which as boring as it is, keeps our technical outlook in play from last week’s reports. We have had 366-369 ¾ listed as resistance for multiple weeks now and it remains intact. A close above this pocket could encourage additional short covering from the funds, the next resistance pocket doesn’t come in until....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 up ¾ of a cent, trading in a range of 12 ¼ cents. Funds were estimated buyers of 3,000 contracts on the day.
Fundamentals: The market traded both sides of unchanged to start the week as market participants shrug off the weekend weather and look forward to Thursday’s WASDE report, we will have estimates out in tomorrow’s report. Due to Columbus Day, the weekly Crop Progress report will be released this afternoon, analysts are expecting soybean harvest to be 30-35% complete.
Technicals: The market tried to stage a technical breakout yesterday, printing the highest price since August 22nd but failing to encourage another wave of short covering. 870 ¾ on a closing basis will be a key line in the sand, this represents a significant retracement on the year. If the bulls can chew through this barrier and achieve a conviction close above, we could see that next round of short covering take us closer towards....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: December wheat futures finished yesterday’s session down 9 ½ cents, trading in a range of 12 ¾ cents. Funds were estimated buyers of 5,500 contracts on the day.
Fundamentals: Wheat futures gave up ground to start the week on the inability to find a fundamental reason to stage a technical move higher. As with corn and beans, the big news headline this week will be what the USDA prints in Thursday’s WASDE report, we will have estimates for you in tomorrow morning’s report. Crop Progress will be released this afternoon, analysts are expecting winter wheat planting to be nearly 60% complete.
Technicals: The market failed against technical resistance, again, but there is a silver lining for the bulls. The market has been forming a wedge, marking lower highs and higher lows, this typically sets up for a bigger directional move. Thursday’s WASDE report could be the catalyst to trigger the next technical move. First resistance remains at 523 ½-527 ¾, this pocket represents a key retracement on the year and the 200-day moving average. On the support side of things, we have an eye on....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
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