Daily Grain Technicals & Fundamentals (9.4.18)
Sep 04, 2018
Last Week’s Close: Corn futures finished Friday’s session up 10 cents, putting them up 1 ½ cents for the week. Friday’s Commitment of Traders report showed that funds sold 24,909 contracts through August 28th, expanding their net short position to 71,305 futures.
Fundamentals: Corn futures rallied Friday afternoon as funds tied up loose ends at the end of the month. There is not a lot expected on the news wires this week which will put the focus on technicals. Harvest will start to get rolling in the coming weeks which will give us a better idea of actual yields and likely be reflected by price. We are expecting to hear more developments with regards to U.S. and Canada trade relations this week.
Technicals: The market is trading near unchanged in the early morning trade as the market waits for more participation on the floor open to give us a better feel for direction. First technical resistance this morning comes in from....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
Last Week’s Close: November soybean futures finished Friday’s session up 14 ¾ cents, shrinking losses for the week to 9 cents. Friday’s Commitment of Traders report showed that funds sold 19,222 futures through August 28th, expanding their net short position to 61,249 futures.
Fundamentals: The market has been trading on both sides of unchanged in the overnight and early morning trade as the market waits for the floor open to give us a better sense of direction through the increased participation. There is not a lot of new news scheduled this week, at least none that is expected to have major implications on soybean prices.
Technicals: Friday’s rally was a step in the right direction for the bull camp, but they need about 3 more of those in a row to start getting excited. We continue to see technical resistance coming in from 850-853 ¾, this pocket represents the psychologically significant 850 level as well as previously important price points. If the bulls can achieve consecutive closes above here, perhaps we see additional short covering take us towards....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.
Last Week’s Close: December wheat futures finished Friday’s session up 10 ¼ cents, putting prices in positive territory by 11 ½ cents for the week. Friday’s Commitment of Traders report showed that funds sold 11,349 contracts, reducing their net long position to 46,098 futures.
Fundamentals: Wheat futures rallied on Friday thanks in part to position squaring in grains and continued concerns around Russian exports. Those have both dissipated rather quickly with futures gaping lower and staying under pressure all night and morning on the back of news that Russia would not limit exports. As with the other grains, there is not a lot of new news expected to hit the wires this week which will keep our focus on the technicals.
Technicals: The market has given back all of Friday’s gains and then some. Prices now looked poised for another test of 518 ½-523 ½, this pocket represents previous support, the 200-day moving average, and a key retracement. Another test of this pocket will likely lead to a breakdown, triggering additional long liquidation from the funds. The next support pocket we see comes in from....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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