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Daily Grain Technicals & Fundamentals (1.3.19)

Published on: 13:59PM Jan 03, 2019

Grain Express

 

January 3, 2019

 
 

Corn (March)

 

Yesterday’s Close:  March corn futures finished yesterday’s session up 1 ½ cents, trading in a range of 3 ¾ cents. 

 

Fundamentals:  Corn futures managed to work higher in yesterday’s session on what was a slow news day, typical for this time of year.  The USDA will decide before the weekend whether they will delay the January 11th USDA report or not (if the government is still shut down).  Weekly export sales reports from the USDA are still absent, but the market is likely pricing things in appropriately.  Due to the lack of new news, we will continue to focus on money flow and technicals.

 

Tehcnicals:  The market is pressing....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 12 ¾ cents, trading in a range of 17 ½ cents. 

 

Fundamentals:  The market marched higher yesterday on “no news”.  We did a phone interview with Financial Times yesterday afternoon explaining that the move higher was on rumors of China coming back into the market.  Remember, price precedes news.  The USDA will decide before the weekend whether they will delay the January 11th USDA report or not (if the government is still shut down).  Weekly export sales reports from the USDA are still absent, but the market is likely pricing things in appropriately.  Due to the lack of new news, we will continue to focus on money flow and technicals.

 

Technicals:  First technical....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 yesterday’s session up 5 ¼ cents, trading in a range of 9 ½ cents. 

 

Fundamentals:  Wheat futures managed to work higher yesterday thanks to some short covering and spillover momentum from other grain markets. The KC/Chicago spread is narrowing up some, something we have been discussing for over a month now. The USDA will decide before the weekend whether they will delay the January 11th USDA report or not (if the government is still shut down). Weekly export sales reports from the USDA are still absent, but the market is likely pricing things in appropriately. Due to the lack of new news, we will continue to focus on money flow and technicals.

 

Technicals:  Positive price action is....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.