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

Grain Market Update (3.26.18)

Published on: 12:55PM Mar 26, 2018

CORN (May)

 

Last Weeks Close:  Corn futures finished down 5 ¾ cents for the week, trading in a range of 12 ¾ cents.  Friday’s Commitment of Traders report showed funds sold 30,267 contracts, putting their net long at 207,376; this is less than what price action may have suggested.  Keep in mind the CoT data is for March 14th-March 20th.

 

Fundamentals:  This week marks the end of month and end of quarter which could add to some additional position squaring as we approach the highly anticipated USDA report on Thursday which will give us a first look at prospective plantings and quarterly stocks.  We will have estimates for both of these reports tomorrow.  Brazils corn harvest is said to be 43% complete, this is lagging the five-year average of 52%. 

 

Technicals:  The chart had some damage done to it through last week but was able to repair some of that by Friday’s close.  The bulls would like to see a close back above the 200-day moving average which comes in at 378 ¾, but as mentioned last week, the more significant pocket comes in from....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

SOYBEANS (May)

 

Last Weeks Close:  May soybean futures finished the week down 20 cents, trading in a range of 36 ¼ cents.  Friday’s Commitment of Traders report showed funds sold 16,534 contracts, putting their net long at 184,240.  This was less than what a lot were expecting considering the drop-in price.  Keep in mind the CoT data is for March 14th-March 20th.

 

Fundamentals:  This week will be a big week as we will get some new news on the wires that doesn’t revolve around a recycled weather story.  On Thursday the USDA will release their Prospective Plantings estimates along with the Quarterly Stocks report.  We will have estimates for both in tomorrows report.  Brazils soybean harvest is said to be 65% complete, this is 3% above the 5-year average.  This week is also the end of the month and end of the quarter which could lead to some additional position squaring. 

 

Technicals:  The chart did a lot of technical damage last week before finding buyers at our 4-star support level which we have had listed as 1006 ½-1009 ¾.  The market has now rallied back and has tested first resistance in the overnight/early morning trade, that comes in from 1038 ¼-1041 ¾.  We would not be surprised to see the market consolidate as we head into the report.  The bears are in control until the bulls can achieve a close above....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

WHEAT (May)

 

Last Weeks Close:  May wheat futures traded 8 ¼ cents lower for the week, trading in a range of 19 ½ cents.  Friday’s Commitment of Traders report showed that funds sold 28,926 contracts, putting their net short at 56,926 contracts.  Keep in mind the CoT data is for March 14th-March 20th.

 

Fundamentals:  Wheat futures finished the week on a high note as weather continues to be a concern.  Forecasts for this week don’t appear to be friendly for the areas that need it most, this will be something to keep a close eye on.  This week is a big week as we will get some new news on the wires in the way of a prospective plantings report and quarterly stocks report.  It is also the end of month and end of quarter which could add to the volatility. 

 

Technicals:  The market was in consolidation mode for much of last week as traders tried to catch their breath from the recent plunge in prices.  First technical resistance continues to come in from....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

Sign up for a free trial of 1 or all 5 of our daily Blue Line Express commodity reports!

 

 

 

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.