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Have the grains bottomed?

Published on: 13:02PM Oct 29, 2018

Grain Express

 

October 29, 2018

 
 

 

 

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Corn (December)

 

Last Week’s Close:  December corn futures finished Friday’s session up 9 ¼ cents, putting prices in positive territory for the week by 2 ¼ cents. Futures traded in a 12-cent range through the week. Friday’s Commitment of Traders report showed funds bought 6,645 futures through October 23rd, extending their net long position to 27,903 contracts.

 

Fundamentals:  Corn futures saw a round of short covering on Friday as some weekend weather uncertainty put a small premium back into the market.  This afternoon’s Crop Progress report will give us more clarity as to where we are in harvest completion.  We continue to watch the U.S. dollar closely as its recent strength has been a headwind for grains.  Friday could be a double top from the August highs, currency traders are optimistic about a near term pull back.

 

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Soybeans (January)

 

Last Week’s Close:  January soybean futures finished Friday’s session up 3 cents, trimming losses for the week to 12 ¾ cents. Futures traded in a 23 ¾ cent range through the week. Friday’s Commitment of Traders report showed funds sold 8,167 futures through October 23rd, expanding the net short position to 39,279 contracts.

 

Fundamentals:  With November options off the board, we have turned our focus to January futures.  Soybean futures have firmed up in the overnight and early morning trade, the bulls will want to see some follow through on the floor open where we will get more volume.  Crop Progress will be released this afternoon, it is expected that soybeans are still lagging the five-year average pace.  Exports have been relatively dismal as of late, the bulls need to see that shift to rejuvenate optimism.

 

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Wheat (December)

 

Last Week’s Close:  December wheat futures finished Friday’s session up 17 ½ cents, trimming losses to 9 cents for the week. Futures traded in a 28 ¾ cent range through the week. Friday’s Commitment of Traders report showed funds sold 13,771 futures through October 23rd, expanding their net short position to 30,023 contracts.

 

Fundamentals:  Wheat futures managed to stage a strong performance on Friday which has led to some follow through momentum in the overnight and early morning trade.  The bulls must maintain this strength the first half of the week to garner additional short covering.  Exports have been half-way decent which may provide a floor.  We continue to watch the U.S. dollar closely as its recent strength has been a headwind for grains.  Friday could be a double top from the August highs, currency traders are optimistic about a near term pull back.

 

Technicals:  Click this link to get our full commentary delivered to your email.

 

 

-If you have questions about our services or would like to discuss the markets in more depth, please feel free to email Oliver@BlueLineFutures.com, or call/text 312-837-3938.

 

 

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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.