Daily Grain Technicals & Fundamentals (12.17.18)

Published on: 13:52PM Dec 17, 2018

Grain Express

 

December 17, 2018

 
 

 Corn (March)

 

Last Week’s Close: March corn futures finished Friday’s session up ½ of a cent, putting futures in positive territory for the week by an equal amount. Futures traded in a 6 ½ cent range through the week. Friday’s Commitment of Traders report showed funds bought 49,824 contracts through December 11th, expanding their net long position to 89,734 contracts.

 

Fundamentals:  There is not a lot of new news expected this week outside of weekly export inspections and export sales.  We will continue to monitor weather and crop developments in South America as they will likely be a “leading” catalyst. 

 

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

 

Soybeans (January)

 

Last Week’s Close: January soybean futures finished Friday’s session 7 cents lower, extending losses for the week to 16 cents. Futures traded in a 28-cent range through the week. Friday’s Commitment of Traders report showed funds bought 11,893 contracts through December 11th, trimming their net short position to just 683 contracts.

 

Fundamentals:  NOPA crush will be out this morning, the average analyst estimate for November soybean crush comes in at 168.44 million bushels, smack dab in the middle of last years (163.55) and last months (173.1).  Market participants will continue to keep an ear to the ground for any new news on trade with China.  Option expiration this week would have a near term influence on prices.

 

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

 

Wheat (March)

 

Last Week’s Close: March wheat futures finished Friday’s session down 6 cents, putting prices in negative territory for the week by 1 ¾ cents. Futures traded in a 21-cent range through the week. Friday’s Commitment of Traders report showed funds bought 4,507 contracts through December 11th, trimming their net short position to 22,455 contracts.

 

Fundamentals:  Wheat futures have clawed back some of Friday’s losses, in the overnight and early morning trade.  With not a lot of new news expected, we will be watching money flow and the broader grain complex as a leading indicator.  We know funds have been covering and we expect that trend to continue if the market can find a reason for a technical breakout (see technicals below). 

 

Technicals: Wheat futures....Get our full report (outlook/market bias/ technical levels) emailed to you every day, 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.