Daily Grain Technicals & Fundamentals (2.26.19)

Published on: 14:09PM Feb 26, 2019

Grain Express

 

February 26, 2019

 
 

 Corn (May)

 

Yesterday’s Close:  May corn futures finished yesterday’s session down 4 ½ cents, trading in a range of 8 ½ cents. 

 

Fundamentals:  The hopium surrounding a “deal” and commitment from China renewed optimism on Sunday night’s open.  We always take the overnight/early morning trade with a grain of salt because we are a firm believer that volume confirms price.  When we got more participation on the floor open, it did not confirm the move higher, which led to a buyers strike.  For clients looking to be buyers in the market, we have been suggesting sitting on the hands until the March futures go off the board tomorrow.  Export inspections yesterday morning came in at 751,000 metric tons, below the low end of estimates.

 

TechnicalsGet our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

 

Soybeans (May)

 

Yesterday’s Close:  May soybeans finished yesterday’s session up ¾ of a cent, trading in a range of 10 ¾ cents. 

 

Fundamentals:  We came into the early morning trade skeptical of the “good news” regarding commitments from China, suggesting that: “it looks like a commitment to continue kicking the can (real issues) down the road.”.  The price action should not be all that surprising considering this has been a revolving door of, buy the rumor sell the news.  Yesterday morning’s export inspections came in at 1,307,000 metric tons, above the top end of expectations.

 

TechnicalsGet our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

 

Wheat (May)

 

Yesterday’s Close:  May wheat futures finished yesterday’s session down 17 ½ cents, trading in a range of 22 ¾ cents. 

 

Fundamentals:  Wheat got taken to the woodshed yesterday, which wasn’t all that surprising considering the overnight price action.  In yesterday’s report we said: “the inability to hold a rally on positive news in the wheat market is not a good sign”.  This prompted us to turn our bias to bearish for the time being.  We will likely be looking for a near term bottom when the March futures go off the board, there may be opportunity for a relief rally at that point.  Export inspections yesterday morning came in at 694,000 metric tons, well above the top end of expectations and nearly double that of the previous week. 

 

Techncials:  Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

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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.