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Daily Grain Technicals & Fundamentals (11.1.18)

Published on: 12:59PM Nov 01, 2018

Grain Express


November 1, 2018


Corn (December)


Yesterday’s Close:  December corn futures finished yesterday’s session 1 ½ cents lower, trading in a range of 2 ¾ cents for the day. 


Fundamentals:  Export sales this morning is the “big-ticket item” in terms of new news this week, that came in at 394,400 metric tons for 2018/2019 and 5,000 metric tons for 20019/2020, nothing to write home about.  The U.S. dollar marched higher yesterday but is erasing gains from the previous three sessions in the early morning trade.  A weaker dollar should put some wind in the sails for the grain markets.  Harvest in the states is having a diminishing affect on price, attention will continue to shift towards South American crop developments. 


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Soybeans (January)


Yesterday’s Close:  January soybeans finished yesterday’s session up 4 ¾ cents, trading in a range of 10 ½ cents for the day.


Fundamentals:  Export sales came out this morning at 395,800 metric tons for 2018/2019 and 60,000 metric tons for 2019/2020, a disappointment for the bull camp.  With the expiration of the November contract, many of the longs who have battled the market for the past few months have likely chosen to throw in the towel instead of rolling positions.  This may provide a relief rally to suck some of those participants pack in the market at higher prices.  The broader fundamentals remain bearish, but there may be opportunity to the buy side in the very near term.


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Wheat (December)


Yesterday’s Close:  December wheat futures finished yesterday’s session up 1 ½ cents, trading in a range of 11 ¾ cents for the day.


Fundamentals:  The stronger U.S. dollar has been a major headwind for wheat, but a as it retreats this morning it is acting as a nice gust of wind in the sails for prices.  The U.S. dollar has nearly erased all the gains over the last three sessions, if the retreat continues, we expect to see that spill over into positive price action for commodities like wheat.  Export sales this morning came in at 582,500 metric tons for 2018/2019, a fairly friendly number for the wheat market. 


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