Is there a bottom in sight for grains?

Published on: 13:58PM Nov 27, 2018

Grain Express

 

November 27, 2018

 
 

Corn (March)

 

Yesterday’s Close:  March corn futures finished yesterday’s session down 2 ¼ cents, trading in a range of 4 ¾.  The Commitment of Traders report, released yesterday, showed funds sold 25,826 contracts through November 20th, putting them net short 7,845 contracts.

 

Fundamentals:  Weekly crop progress (for those still watching) showed corn is 94% complete, inline with last year and just 2% behind the 5-year average.  Planting in Brazil is 92% complete, inline with the average pace.  Planting in Argentina is 58% complete, 12% ahead of the average.  Export inspections came in at 1.117mmt, just above the top end of estimates.  December corn futures go into first notice day Friday.  If you don’t want to risk delivery you will need to roll or close positions out before the close Thursday. 

 

Technicals:  Corn futures “accelerated” lower yesterday, falling to the lowest prices since September.  Significant support this week comes in from....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.

 

Soybeans (January)

 

Yesterday’s Close:  January soybean futures finished yesterday’s session down 18 ¼ cents, trading in a range of 26 cents.  The Commitment of Traders report, released yesterday, showed funds sold 5,221 contracts through November 20th, extending their net short position to 60,246 contracts.

 

Fundamentals:  Weekly crop progress showed that harvest is now 94% complete, lagging both last year and the 5-year average.  Soybean planting in Brazil is 89% complete, 10% head of the 5-year average pace.  Soybean planting in Argentina is 39% complete, in line with the five-year average.  All eyes will be on the G-20 summit this Friday, people are hopeful that U.S. and Chinese leaders can keep the ball in the air with regards to taking baby steps towards a trade deal.  We may see positive headlines emerge through the week/weekend but would take those with a grain of salt.

 

Technicals:  The market rolled over on the open yesterday which triggered additional technical selling.  There is some support near....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.

 

Wheat (March)

 

Yesterday’s Close:  March wheat futures finished yesterday’s session up 7 cents, trading in a range of 5 ¼ cents.  The Commitment of Traders report showed funds sold 11,164 contracts through November 20th, extending their net short position to 37,848 contracts. 

 

Fundamentals:  Wheat held its ground yesterday thanks to a midday comment from Nikki Haley (United States Ambassador to the United Nations) regarding the condemnation of Russia’s attack on Ukraine.  December futures go into first notice day Friday, if you don’t want to risk delivery you will need to roll or close positions out before the close Thursday. 

 

Technicals:  Despite the positive price action yesterday, wheat remains....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.

 

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.