Daily Grain Technicals & Fundamentals (8.14.18)
Aug 14, 2018
(above: 8.13.18 am interview with RFD-TV)
Yesterday’s Close: December corn futures finished yesterday’s session down ¼ of a cent, trading in a range of 5 ¾ cents. Funds were estimated sellers of 2,000 contracts.
Fundamentals: The market worked lower in the Sunday night and early Monday trade as the market continued to digest the bearish USDA report from Friday. The bleeding stopped at the low end of our support pocket which offered value for technical traders, we have had this pocket defined as 366 ¼-369. Export inspections yesterday morning came in at 1,261,900 metric tons which was supportive to the market. The weekly crop progress report showed that good/excellent conditions for U.S. corn dropped 1% to 70%, this was in line with expectations.
Technicals: The market tested and held technical support which we have had listed as 366 ¼-369. The market has worked higher as bargain buyers’ step in and some shorts look to cover. Prices are now pressing against first resistance which we see as 372 ¼-375 ½. If the bulls can chew through and close above this pocket, we could see additional short covering take us back in to the mid 380’s. A failure will keep the bears in control for the near term. A break and close below support likely takes us to....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Yesterday’s Close: November soybeans finished yesterday’s session up 8 ½ cents, trading in a range of 19 ¼ cents. Funds were estimated buyers of 4,000 contracts.
Fundamentals: Sunday night weakness led to Monday morning pressure, but that quickly subsided as we got more volume on the floor open, ultimately leading to what we would call a very impressive session. Export inspections yesterday morning came in at 580,824 metric tons, this was below what most were expecting to see. Yesterday’s weekly crop progress report showed good/excellent conditions at 66%, this was down 1% from the previous week and inline with expectations.
Technicals: Soybean futures staged an incredible performance yesterday after being taken to the woodshed Friday afternoon. To suggest that the bulls are in control here though might be a little bit of a stretch, they need to see consecutive closes back above 881 ½-885 ¼ to encourage additional buying momentum and change the tide. A failure to do this keeps the bears in control here and could lead to....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Yesterday’s Close: September wheat futures finished yesterday’s session down 10 cents, trading in a range of 19 ¼ cents. Funds were estimated sellers of 8,000 contracts.
Fundamentals: Wheat futures continued their slide lower yesterday as longs continued to liquidate positions following Friday’s USDA report that fell short of what some were hoping to see. Yesterday’s export inspections came in at 462,854 metric tons, this was within the range of expectations. Weekly crop progress showed that spring wheat good/excellent ratings at 75%, up 1% from the previous week. Harvest is now 35% complete, ahead of expectations of 28%.
Technicals: The market is trying to stabilize in the overnight and early morning trade, but the bulls will want to see volume confirm price action on the floor open. If the bulls cannot achieve a close above 538 ½, the bears will remain in control with the objective down to....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Become a brokerage client and get our daily reports for FREE!
Sign up for a free trial of 1 or all 5 of our daily Blue Line Express commodity reports!
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.