Grains to rally in 2019?

Published on: 14:05PM Jan 02, 2019

Grain Express

 

January 2, 2019

 
 

Corn (March)

 

Monday’s Close:  March corn futures finished the last trading day of the year down ¾ of a cent, trading in a 4 ¼ cent range.  Funds were estimated sellers of 9,000 contracts on the day.

 

Fundamentals:  We expect participation to pick back up this week, now that we have the holiday’s behind us.  Export inspections on Monday came in at 913,797 metric tons, this was within the range of expectations.  The government has been shut down for 12 days now, this is something to monitor over the next two weeks as the market is expecting new news from the USDA on January 11th. 

 

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

 

Soybeans (March)

 

Monday’s Close:  March soybean futures finished the last trading day of the year down 1 ½ cents, trading in a range of 10 cents.  Funds were estimated sellers of 1,000 contracts on the day.

 

Fundamentals:  President Trump took to twitter (shocking), saying that he and President Xi were taking steps in the right direction, with regards to trade.  These tweets/headlines have been more or less meaningless, but the fact that China has opened the door for rice imports for the first time is confirmation that there is progress.  Export inspections on Monday came in at 677,679 metric tons, this was below the low end of the expected range.  The government has been shut down for 12 days now, this is something to monitor over the next two weeks as the market is expecting new news from the USDA on January 11th. 

 

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

 

Wheat (March)

 

Monday’s Close:  March wheat futures finished the last trading day of the year down 8 ¼ cents, trading in a range of 10 ½ cents.  Funds were estimated sellers of 5,500 contracts on the day. 

 

Fundamentals:  We expect participation to pick back up this week, now that we have the holiday’s behind us.  There is not a lot of new news expected this week for wheat, but positive trade talks for soybeans could spill over into strength in other grains.  Export inspections on Monday came in at 376,281 metric tons, a hair above the low end of expectations.  The government has been shut down for 12 days now, this is something to monitor over the next two weeks as the market is expecting new news from the USDA on January 11th. 

 

Technicals:  The technical landscape took....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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