Last Week’s Close: December corn futures finished Friday’s session up 4 ¾ cents at 357 ¼, trading in a range of 5 ½ cents, this put futures up 6 ¼ cents for the week. Friday’s Commitment of Traders report showed that funds sold 74,532 futures through September 18th, expanding their net short position to 158,424 futures.
Fundamentals: Corn managed to bounce back in the back half of last week’s trade on what was mostly short covering from funds in our minds. There’s a good chance the market can see some continuation, but producer selling will likely keep a lid on anything significant. Harvest continues to roll on through the Midwest and we expect to see a continuation of the trend, which is big yields. Crop/harvest progress will be reported after the close, we are not expecting to see anything market moving there.
Last Week’s Close: November soybean futures finished Friday’s session up 3 cents at 847 ¼, trading in a range of 8 ½ cents. For the week, futures were up 19 ¼ cents. Friday’s Commitment of Traders report showed that funds sold 3,322 futures through September 18th, expanding their net short position to 82,217 futures.
Fundamentals: The market managed to rally last week on some positive headlines from Washington. President Trump noted that he would slap additional tariffs on $275 billion of Chinese goods if China retaliated against U.S. Farmers. This likely helped spark short covering from funds who have been sitting comfortably short. We would not be surprised to see a date set in the near future for the U.S. and China to resume trade talks.
Last Week’s Close: December wheat futures finished Friday’s session up ¼ of a cent, trading in a range of 9 ¼ cents. For the week, futures were up 10 ¾ cents. Friday’s Commitment of Traders report showed funds sold 19,826 futures through September 18th, trimming their net long position to just 8,251 futures.
Fundamentals: Wheat was able to gain some ground last week thanks to short covering and spillover momentum from corn and beans. We believe the broader fundamental landscape will continue to keep a lid on any attempt of a significant rally. Demand is dismal, and supply is plentiful.
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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.