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Grain Market Update (3.28.18)

Published on: 12:51PM Mar 28, 2018

CORN (May)

 

Yesterday’s Close:  May corn futures closed ¼ of a cent lower yesterday, trading in a range of 3 ¾ cents.  Funds were estimated sellers of 1,000 contracts on the session.

 

Fundamentals:  Not much new news on the wires over the last 24 hours as market participants gear up for tomorrows Prospective Plantings and Quarterly Stocks report.  US Corn acres are expected to come in shy of 90 million acres.  The quarterly stocks number is expected to come in around 8.710 billion bushels which is at the top of the charts for being one of the biggest for this March 1st report.  Export Sales will be out tomorrow as usual.  Keep in mind that it is a shortened week which also aligns with end of month and end of quarter, this could keep things interesting into the long weekend. 

 

Technicals:  With the market left near unchanged yesterday, there is not a lot to report this morning.  We remain friendly on the market but need to see prices work higher into the weekend.  We are spending more time than we would like at the bottom end of support.  Bulls want to see a close back above the 200-day moving average at 377 ¾, but the more significant pocket to close above 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)

 

Yesterdays Close:  May soybean futures finished the session down 7 cents, trading in a range of 14 cents for the day.  Funds were estimated sellers of 3,500 contracts.

Fundamentals:  As with corn, there is not much new news to report for soybeans over the last 24 hours; all the attention is on tomorrows Prospective Plantings and Quarterly Stocks report.  Planted acres is expected to come in near 91 million acres.  Quarterly stocks are expected to be around 2.030 billion bushels; like corn, this would be towards the top of the “all time” list for this report.  Once we get this report behind us, all eyes will be on weather here in the states.  Keep in mind that it is the end of the month and quarter which could lead to some position squaring from funds before the long weekend.

 

Technicals:  The market continues to work its way lower as profit taking has led to some minor pressure.  The bears are in control of the chart but need to see a close below 1006 ½-1009 ¾ to see a continuation of the downward trend.  If the bulls can defend this level into the long weekend, that could set up for a bit of a relief rally next week.  First resistance comes in at....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

WHEAT (May)

 

Yesterday’s Close:  May wheat futures finished the session down 5 ½ cents, trading in a range of 8 ¾ cents.  Funds were estimated sellers of 3,000 contracts for the day.

Fundamentals:  Market participants are anxiously awaiting tomorrows USDA report where we will get new news that doesn’t revolve around weather.  Tomorrows Quarterly Stocks report is expected to come in near 1.493 billion bushels, this compares to the 1.659 we saw last year.  All wheat acres are expected to come in around 46.3 million acres.  Export sales will be tomorrow morning as usual.  Keep in mind that it is the end of the month and quarter which could lead to some position squaring from funds before the long weekend.

 

Technicals: The market worked towards the low end of the recent range in yesterday’s session as trader’s position into tomorrow’s USDA report.  We have first support coming in from....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

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