Daily Grain Technicals & Fundamentals (8.30.18)
Aug 30, 2018
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Yesterday’s Close: December corn futures finished yesterday’s session up ½ of a cent, trading in a range of 3 ¾.
Fundamentals: Corn traded slightly higher, but the rally attempt was relatively disappointing considering the nice pop we saw in wheat. Yesterday’s weekly EIA report showed that ethanol production fell slightly, from 1.073 million barrels per day to 1.073 million barrels per day. This morning’s export sales report came in at 175,800 metric tons of old crop and 525,000 metric tons of new crop. There is not a lot of other new news to report, and with a holiday weekend upon us you can expect things to die down into the weekend.
Techincals: Corn traded in a relatively tight range yesterday, finishing near unchanged. Not much has changed on the technical landscape over the last 24 hours. The bears remain in control as yesterday’s session marked lower lows, following lower highs. First resistance this morning comes in at 370 ¼, this represents the 50-day moving average. The more significant pocket is a ways away from the market, we see it as 380 ½-382 ½, the bears remain in control until consecutive closes above here. On the support side of things, there is not a lot until....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
Yesterday’s Close: November soybean futures finished yesterday’s session up 3 ½ cents, trading in a range of 11 ¾ cents.
Fundamentals: Soybeans managed to stabilize yesterday which appeared to be more relief than actual new buying coming in to the market. Export sales this morning came in at 110,900 metric tons of old crop and 591,600 metric tons of new crop. There is not a lot of other new news to report, and with a holiday weekend upon us you can expect things to die down into the weekend.
Technicals: We wish there was something more exciting to report on the technicals, but not much has changed since yesterday morning. The bears are still in full control of this market and we would not count out a breakdown below....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
Yesterday’s Close: December wheat futures finished yesterday’s session up 18 ¼ cents, trading in a range of 23 ¾ cents.
Fundamentals: Wheat futures caught a bid on headlines that Russia may cut back on their exports, the same headline that we sold into a few weeks ago. That headline sparked some short covering from those who have been able to enjoy a piece of the 94 ½ cent pullback from the start of the month. Export sales this morning came in at 414,800 metric tons.
Technicals: The market rallied hard yesterday but struggled to get out above our technical resistance pocket which we had defined as 538 ¾-542 ½, his pocket represents the 50 and 100 day moving average, the 50% retracement on the year, along with previously important price points. The market saw continuation overnight which was to be expected considering yesterday was relatively constructive. The market ran up against our next resistance pocket which we have had listed as 549 ½-552 ¼. This will be a big level today. Consecutive closes above....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
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