Daily Grain Technicals & Fundamentals (2.11.19)

Published on: 14:09PM Feb 11, 2019

Corn (March)

Last Week’s Close:  March corn futures finished Friday’s session don 2 ¼ cents, trading in a range of 7 ¾ cents. Futures were down 4 cents on the week.

Fundamentals:  Friday’s highly anticipated USDA report was a bit of a snooze fest for those expecting a pop in volatility.  That type of market reaction all but confirms our stance that the market is as efficient as ever, making scheduled reports less significant.  One of the headwinds for Ag markets recently has been the resurgence in the U.S. Dollar, as it continues its longest daily win streak in two years.

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

 

Soybeans (March)

Last Week’s Close:  March soybean futures finished yesterday’s session down 8 ¼ cents, trading in a range of 11 cents. Funds were estimated sellers of 7,500 contracts on the day.

Fundamentals:  With the dud of a USDA report behind us, attention has quickly turned back to trade negotiations with China.  We do not expect much to come from the meetings but continue to believe the continuous discussions will keep a floor in the market and make dips a buying opportunity.

Technicals:   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 up 4 ¾ cents, trading in a range of 8 ¾ cents. Futures were down 6 ½ cents for the week.

Fundamentals:  Wheat futures have been hampered by the longest dollar rally in two years and a stagnate corn and bean market hasn’t provided an ounce of tailwind momentum.   Winter wheat acres came in at 31,290,00, the lowest since 1909, even this fell short of offering support to the market. 

TechnicalsGet 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.