Grain Market Update (4.17.19)

Published on: 13:08PM Apr 17, 2019

Grain Express

 

April 17, 2019

 
 

Corn (May)

 

Yesterday’s Close:  May corn futures finished yesterday’s session down 3 ¾ cents, trading in a range of 5 ¼ cents.  Funds were estimated sellers of 15,000 contracts.

 

Fundamentals:  Weakness is the soybean and wheat pit did not do any favors for corn prices as the bearish funds continue to pounce.  Funds are under the assumption that the recent weather through the Midwest happened early enough that it may delay things, but not shift the overall landscape significantly.  In other words, they remain bearish until the market is proven to be bullish.  We know the funds have a record net short position while the producers are holding a net long position for the first time on record.  When the funds eventually look to cover, producers will be there ready to sell, potentially limiting the velocity of a short covering rally.  May options will go off the board next week, this may keep a lid on volatility and prices for the next 9 sessions. 

 

Technicals:  The market remains....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Soybeans (May)

 

Yesterday’s Close:  May soybean futures finished yesterday’s session down 10 ¾ cents, trading in a range of 12 ¾ cents.  Funds were estimated sellers of 9,000 contracts.

 

Fundamentals:  The market is exhausted with the constant spin on trade and has discredited optimistic headlines as they continue to over promise and under deliver.  One day there will be a deal done, but we continue to believe that China has some leverage going into the election cycle and that a deal is further down the line than people want. 

 

Technicals:  The market failed to....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Wheat (May)

 

Yesterday’s Close:  May wheat futures finished yesterday’s session down 14 ½ cents, trading in a range of 18 cents.  Funds were estimated sellers of 10,500 contracts.

 

Fundamentals:  Wheat got taken to the woodshed yet again yesterday as the market see’s little reason to be bullish on prices right here right now.  Funds are aggressively short grains and don’t seem to be selling into contract lows for Mpls and KC contracts. 

 

Technicals:  The market broke down below....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

Sign up for a FREE trial of 1 or all 4 of our daily commodity reports!

-Grains

-Livestock

-Currencies

-S&P, Oil, Gold

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.