Yesterday’s Close: December corn futures finished yesterday’s session down 2 ½ cents, trading in a range of 3 ¾ cents.
Fundamentals: Corn caught a bit of a relief rally yesterday, thanks to spill over strength from short covering in the beans. Not much has changed on the fundamental landscape over the last 24 hours which will likely keep this nothing more than a relief rally. Yesterday’s weekly ethanol production report from the EIA came in at 1.051 million barrels per day, up 31 million barrels from the previous week. Export sales this morning came in at 1,380,000 metric tons for 2018/2019 and 9,700 metric tons for 2019/2020.
Yesterday’s Close: November soybeans finished yesterday’s session up 16 ¼ cents, trading in a range of 18 ½ cents on the day.
Fundamentals: Soybeans saw a short covering relief rally yesterday on little new news. There have been some concerns regarding potential harvest delays in the coming weeks which may have played a role in shorts reducing risk and booking a healthy profit. Weekly export sales this morning came in at 917,600 metric tons for 2018/2019 and 80,000 metric tons of 2019/2020, this was towards the top end of expectations.
Yesterday’s Close: December wheat futures finished yesterday’s session up 12 cents, trading in a 12 ¾ cent range for the day.
Fundamentals: Headlines of crop concerns in Australia and Argentina, along with short covering in corn and beans helped to support wheat futures yesterday. The concerns and reports are similar to what we have seen in the past, and more times than not those worries have been sold into. Export sales this morning came in at 468,400 metric tons, this was within the range of expectations.
GFV8: -1.00 at 158.175, trading in a range of 1.95
GFX8: -1.00 at 158.025, trading in a range of 1.875
Cattle Commentary: Live cattle futures traded in their tightest range in what seems like a lifetime. Market participants have digested last weeks cash trade and seem somewhat skeptical that we will see that advance again. On top of the uncertainty around this week’s cash trade, we also have market participants sitting on their hands as we await Friday afternoon’s Cattle on Feed report. Early estimates are for cattle on feed to come in at 105.2%, placements at 104.1%, and marketings at 100.6%.
-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.