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Daily Grain Technicals & Fundamentals (12.10.18)

Published on: 14:14PM Dec 10, 2018

Grain Express

 

December 10, 2018

 
 

Corn (March)

 

Last Week’s Close:  March corn futures finished Friday’s session up 2 ½ cents, extending gains for the week to 8 ½ cents. Futures traded in a range of 6 ¾ for the week, following the gap higher Sunday night. Friday’s Commitment of Traders report showed funds sold 11,208 futures through November 27th, expanding their net short position to 31,054 contracts.

 

Fundamentals:  All eyes will be on this week’s USDA report, that will be released tomorrow at 11 am cst.  Estimates for U.S. carryout range from 1.585-2.058 billion bushels.  This puts the average estimate at 1.744 billion bushels, slightly higher than the 1.736 billion bushels we saw in last month’s report.  There is nothing scheduled to be announced on trade, but we expect hot air and headlines to continue flying around for the foreseeable future.

 

Technicals:  Technical resistance from....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.

 

Soybeans (January)

 

Last Week’s Close:  January soybeans finished Friday’s session up 6 ½ cents, extending gains for the week to 22 ¾ cents. Futures traded in a 26 ¾ cent range through the wee, following the gap higher Sunday night. Friday’s Commitment of Traders report showed funds sold 6,124 futures through November 27th, expanding their net short position to 59,303 contracts.

 

Fundamentals:  The market opened up softer last night on concerns that U.S. and China trade relations were backtracking.  We expect to see bullish/bearish headlines come and go for the foreseeable future.  Tomorrow the USDA will release their monthly report, that will be out at 11 am cst.  Early estimates for carryout range from .802-1.033 billion bushels.  The average estimate is .938, slightly less than the .955 we saw in last month’s report. 

 

Technicals:  The market is trading in....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.

 

Wheat (March)

 

Last Week’s Close: March wheat futures finished Friday’s session up 16 ¼ cents, putting prices in positive territory for the week by just that, 16 ¼ cents. Futures traded in a 22-cent range through the week, following the gap higher Sunday night. Friday’s Commitment of Traders report showed funds bought 898 futures through November 27th, trimming their net sort position to 38,744 contracts.

 

Fundamentals:  Wheat futures had their biggest rally in what seems like a lifetime on Friday, thanks to better than expected export sales.  We would not be surprised to see the market take pause as we inch closer towards the monthly USDA report, out tomorrow at 11 am cst.  Early estimates for carryout range from .924-1.025 billion bushels, the average being .969 billion bushels.  Last month’s report came in at .949 billion. 

 

Technicals:  We got bullish last Thursday afternoon after....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.

 

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.