Yesterday’s Close: May corn futures finished yesterday’s session down 1 ½ cents, trading in a range of 4 ½ cents.
Fundamentals: Export sales came in at 547,962 metric tons, below the low end of expectations, poor enough to keep a lid on any rally attempt. Funds have retained a solid net short position for some time now and seem to believe that the market conditions are bearish until proven bullish. Weather conditions have been less than ideal, but it has yet to show a meaningful effect on the prospects of a good crop. Good sub soil moisture levels offset concerns of potential delays. We think there will be opportunity for this market to work higher, it just may take more time than people want.
Technicals: The market traded in a....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.
Yesterday’s Close: May soybean future finished yesterday’s session down 6 ½ cents, trading in a range of 10 ½ cents.
Fundamentals: Export sales came in at a dismal 280,356 metric tons, well below the low end of estimates at 800,000 metric tons. This alone was enough to put pressure on prices yesterday, throw in the lack of positive trade news and you’ve got a firm lid on the market. If weather delays for corn start to gain traction, we could start to see a shift in acres too. Needless to say, the bulls have their work cut out for them.
Technicals: Soybean futures worked towards our first support pocket yesterday, we had defined that as 891-894 ¾, a buying opportunity for those who are bullish. The bulls need to see....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.
Yesterday’s Close: May wheat futures finished yesterday’s session up 4 cents, trading in a range of 5 ¾ cents.
Fundamentals: Export sales yesterday morning came in at 474,375 metric tons, towards the low end of expectations. Wheat managed to rally on short covering and spillover strength from Minneapolis spring wheat, where concerns loom over delayed planting. Technical support also encouraged some buying activity.
Technicals: In yesterday’s report we said....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.
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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.