Is the bottom in?

Published on: 13:09PM Apr 26, 2019

Grain Express

 

April 26, 2019

 
 

Corn (July)

 

Yesterday’s Close:  July corn futures finished yesterday’s session up 1 ½ cents, trading in a range of 9 cents. 

 

Fundamentals:  Corn futures managed to finish yesterday’s session on higher ground, the first positive session of the week, in what was a rather choppy trade.  Export sales yesterday morning came in at 782,900 metric tons, within the range of expectations.  Option expiration has likely been playing a role in price action this week, once we get this event behind us, we believe the market will be in a better spot to try and stage a rally.

 

Technicals:  The market punched lower but found support just above the psychologically significant 350 handle.  The rebound was a breath of fresh air for the bull camp, but there is still a lot of damage to repair on the chart.  First resistance this morning comes in from....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

 

Soybeans (July)

 

Yesterday’s Close:  July soybean futures finished yesterday’s session up 2 ¾ cents, trading in a range of 9 ¼ cents.

 

Fundamentals:  Soybean futures saw a small bounce yesterday as some minor short covering helped support prices near the contract lows from September.  Export sales yesterday morning came in at 619,000 metric tons, within the range of expectations.  U.S. trade representatives will be heading to China next week, perhaps headlines from this will offer some near-term support to the oversold market. 

 

Technicals:  Not much has changed on the technical landscape over the last 24-hours.  Technical support remains intact from....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

 

Wheat (July)

 

Yesterday’s Close:  July wheat futures finished yesterday’s up 2 ¾ cents, trading in a range of 9 cents.

 

Fundamentals:  Wheat futures saw a bit of a bounce yesterday on the back of short covering near contract lows.  Export sales yesterday morning came in at 651,500 metric tons, within the range of expectations.  Our bias has been neutral all week, but we are putting a bullish tilt on it today as the risk/reward ratio looks favorable to the bull camp.

 

Technicals:  We have mentioned several times over the last week and a half that....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

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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.