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Daily Grain Technicals & Fundamentals (1.17.19)

Published on: 13:59PM Jan 17, 2019

Grain Express

 

January 17, 2019

 
 

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Corn (March)

 

Yesterday’s Close:  March corn futures finished yesterday’s session up 2 ¼ cents, trading in a range of 2 ½ cents. 

 

Fundamentals:  The market recovered some ground yesterday on technical relief and some renewed concerns of dry weather in Brazil, possibly affecting their production.  Yesterday’s weekly EIA ethanol report showed production rose 1,051 barrels per day.

 

Technicals:  Corn saw some relief in yesterday’s session which has....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Soybeans (March)

 

Yesterday’s Close:  March soybean futures finished yesterday’s session up ½ of a cent, trading in a range of 8 ¾ cents. 

 

Fundamentals:  Soybeans were relatively mute as the market catches its breath from the recent pressure.  As mentioned in previous reports this week, we would not be surprised to see the market chop around here then catch a bid into the end of the month.  US and Chinese trade officials are scheduled to meet then, this will likely prompt hopeful/optimistic headlines and put some premium back into the market for a “what if a deal is done” scenario.  Not saying a deal needs to be done, but even if there’s a slim chance, the market will price that chance in accordingly. 

 

Technicals:  The market managed to fight off our 4-star support from 887-891 again in yesterday’s session, popping the market to our pivot pocket this morning.  We have....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Wheat (March)

 

Yesterday’s Close:  March wheat futures finished up ½ of a cent yesterday, trading in a range of 5 ¾ cents. 

 

Fundamentals:  Wheat futures managed to stabilize with the help of a firmer tone in the corn and bean pit yesterday.  There is not a whole lot of new news on the markets, so we will be focusing on money flow, sentiment, and technicals for the foreseeable future.

 

Technicals:  The market....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

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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.