Yesterday’s Close: March corn futures finished yesterday’s session up ¼ of a cent, trading in a range of 3 cents. Funds were estimated buyers of 8,000 contracts on the day.
Fundamentals: The market was working higher for much of the day but retreated back near unchanged by the close. There has been little new news on the wire recently and we think that will likely continue to be the case in the near term. December corn futures go into first notice day Friday. If you don’t want to risk delivery you will need to roll or close positions out before the close Thursday.
Technicals: Technical support from....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.
Yesterday’s Close: January soybeans finished yesterday’s session up 14 ½ cents, trading in a range of 21 ¾ cents. Funds were estimated buyers of 7,000 contracts on the day.
Fundamentals: Soybeans clawed back some lost ground yesterday with some extra help from positive trade headlines from Larry Kudlow, who said that they are hopeful for a deal with China. This is the jawboning we were looking for into the meeting, and we expect the Administration to remain upbeat though there may be little substance. All eyes will be on that G-20 summit which starts on Friday. Perhaps we see a bid into the weekend, if nothing comes of it (which is probable) then we would expect to see a gap lower Sunday.
Technicals: The market....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.
Yesterday’s Close: March wheat futures finished yesterday’s session down 7 cents, trading in a range of 12 ¾ cents. Funds were estimated sellers of 6,000 contracts on the day.
Fundamentals: Wheat futures gave back Monday’s gains and then some yesterday as it appears the tensions between Russia and Ukraine have not led to any supply disruptions. Though the coast is clear now, we would not be surprised to see related headlines provide a short-term pop over the next 1-2 weeks.
Technicals: The market is....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.
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