Sorry, you need to enable JavaScript to visit this website.

Daily Grain Technicals & Fundamentals (9.6.18)

Published on: 13:13PM Sep 06, 2018

We will be on RFD-TV at 12:45cst, tune in!

 

 

 

 

Corn (December)

 

Yesterday’s Close:  December corn futures finished yesterday’s session down 3 ¼ cent, trading in a range of 5 ¾ cents.  Funds were estimated sellers of 6,500 contracts on the day.

 

Fundamentals:  Usually we would get export sales this morning, but because the USDA is a government agency and the holiday on Monday, that has been pushed back to tomorrow.  The USDA did announce a sale of 101,736 metric tons to Mexico for 2018/2019.  Corn arguably has the best fundamental back drop to it but our bearish view on soybeans and wheat will likely be a headwind for prices.   There is a USDA report next Wednesday, we hope to have estimates out in the weekend update. 

 

Technicals:  The market stalled out in our resistance pocket from 369 ½-370 ¾ which has kept new buyers on the sidelines and likely encouraged some long liquidation from those who were able to participate in the rally late last week.  On the support side of things, the first pocket we see comes in from 359-361, a close below here likely accelerates the selling and takes us back towards....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Soybeans (November)

 

Yesterday’s Close:  November soybean futures finished yesterday’s session down 4 ¾ cents, trading in a range of 12 cents.  Funds were estimated sellers of 2,500 contracts.

 

Fundamentals:  The holiday on Monday has pushed back the release of the weekly export sales data to tomorrow morning.  Private estimates for Brazilian soybean production have been raised from 118.8mmt, this up from 118.7 previously, still below the USDA’s target of 119.5mmt.  There is not a lot of new news expected so headlines of record yields will likely keep a lid on any significant rally attempt in the next week.  We do have a USDA report next Wednesday, we hope to have estimates in our weekend update.

 

Technicals:  Lower highs against our resistance pocket from 850-853 ½ looked to be locked in, bears are now looking for lower lows and a break below 825-828 ¾.  Below this pocket is uncharted territory, but the next obvious spot to look for would be the psychologically significant $8.00 handle.  If the market does revisit 850-853 ½, the technical landscape will....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Wheat (December)

 

Yesterday’s Close:  December wheat futures finished yesterday’s session down 10 ½ cents, trading in a range of 17 cents.  Funds were estimated sellers of 3,500 contracts on the day.

 

Fundamentals:  Wheat continues to work lower on the absence of any bullish news, terrible demand, and ample supply.  Any bullish headlines will likely be sold into as it appears funds are in liquidation mode, something we have been talking about for the last several weeks now.  Due to the holiday earlier in the week, weekly export sales will be released tomorrow morning.  There is a USDA report next Wednesday, we do not anticipate a lot of new news between now and then. 

 

Technicals:  Wheat futures are trading at their lowest price since July 19th and the path of least resistance remains lower.  A conviction close below 518 ½ opens the door for a run back below the psychologically significant $5.00 handle.  On the resistance side of things, the bulls want to reclaim ground above....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

If you have any questions or would like to discuss the markets in more depth, please do not hesitate to call or email.

 

Oliver@BlueLineFutures.com

Direct: 312-837-3938

 

 

Become a brokerage client and enjoy the benefits of Blue Line Futures

 

-Work with our team as little or as much as you need

 

-Receive our daily commodity reports for FREE

 

-Trade with ease from our desktop/mobile platform or call the 24hr trade desk

 

 

 

 

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.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.