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Daily Grain Technicals & Fundamentals (9.7.18)

Published on: 13:15PM Sep 07, 2018

Corn (December) 

 

Yesterday’s Close:  December corn futures finished yesterday’s session up 1 ¼ cents, trading in a range of 4 ¼ cents.  Funds were estimated buyers of 5,500 contracts.

 

Fundamentals:  Export sales this morning came in at 30,100 metric tons of old crop and 1,032,000 metric tons of new crop.  Informa Economics raised their U.S. corn yield 2.8 bushels an acre to 178.8.  There is not a lot of significant news expected ahead of next Wednesday’s USDA report, we will continue to compile estimates and have those for you in our Weekend Ag Update.  The lack of new news will put a bigger emphasis on technicals and money flow. 

 

Technicals:  We wish we had something more exciting to report today, but there has not been a whole lot of change on the technical landscape over the last 24 hours.  Our resistance pocket continues to hold from 369 ½-370 ¾, the bears are in total control until the bulls can achieve consecutive closes above this pocket.  On the support side of things, the first 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.

 

Soybeans (November)

 

Yesterday’s Close:  November soybeans finished yesterday’s session down 1 cent, trading in a range of 8 cents.  Funds were estimated buyers of 2,000 contracts on the day.

 

Fundamentals:  Export sales this morning came in at 6,000 metric tons of old crop and 672,600 metric tons of new crop.  Informa Economics raised their U.S. bean yield up 2.9 bushels per acre to 52.9, still below the projections the USDA has out.  As with corn, there is not a lot of market moving news expected out between here and next Wednesday, when the USDA will release their updated projections.  The lack of new news will put a bigger emphasis on technicals and money flow for the next few sessions. 

 

Technicals:  Yesterday was a relatively mute session, which leaves the technical landscape little changed from yesterday.  Resistance remains intact from 850-853 ½, this held Monday, but the bears do not want to see a retest to this pocket.  A retest to this pocket will likely be enough to punch through, which would mark higher highs and higher lows, potentially the beginning of a trend change; at the very least neutralizing the bearish chart.  On the support side of things....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 7 ¼ cents, trading in a range of 12 cents.  Funds were estimated sellers of 5,000 contracts on the day. 

 

Fundamentals:  Export sales this morning came in at 379,800 metric tons.  Poor demand has been an ongoing concern for us and is just part of the reason we have been overwhelmingly bearish over the last month.  We would not be surprised to see headlines from Russia regarding exports make another appearance, but this will likely only offer another opportunity to sell at higher prices.  The only potentially moving news scheduled will be next week’s USDA report, released Wednesday morning.  We will continue to compile estimates and have those for you in our Weekend Ag Update.

 

Technicals:  The short side of wheat has been the gift that keeps on giving.  The technical breakdown has led to a rush for the exits from funds who had been holding a fairly decent sized net short position.  Our previous support pocket from 518 ½-523 ½ will now be first resistance.  A close above will not put the bulls in control, only neutralize the chart.  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.

 

 

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

 

 

 

 

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