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Daily Grain Technicals & Fundamentals (2.13.19)

Published on: 14:02PM Feb 13, 2019

Corn (March)

Yesterday’s Close:  March corn futures finished yesterday’s session up 4 ¼ cents, trading in a range of 5 ¾ cents.  Funds were estimated buyers of 21,000 contracts on the day.

Fundamentals:  Corn futures were firm in yesterday’s session, despite no substantive catalyst to trigger the round of buying.  Outside of today’s EIA ethanol report and tomorrow’s export sales report, there is not a lot on the calendar for the remainder of the week.  We continue to keep a close eye on the U.S. Dollar, it rolled over hard yesterday, providing support to the grains but is finding support this morning. 

Technicals:....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 bean futures finished yesterday’s session up 11 ¾ cents, trading in a range of 14 ¼ cents.  Funds were estimated buyers of 9,000 contracts on the day.

Fundamentals:  The market worked higher yesterday on confirmed headlines that the March 1st deadline for a trade deal would be extended, keeping tariffs at their current rates instead of increasing to 25%.  CONAB released their Brazilian crop estimates yesterday, they have production at 115.3mmt, this compares to the USDA estimate of 117.00mmt. 

Technicals:....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 1 ¾ cents, trading in a range of 6 ¼ cents.  Funds were estimated buyers of 2,000 contracts on the day.

Fundamentals:  The pullback in the U.S. Dollar yesterday certainly helped provide some support to the market, coupled with spillover strength from corn and beans.  Other than weekly export sales out tomorrow, there is not a lot of new news expected, which is why we will continue to keep a closes eye on the technicals.

Technicals:....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.