More Selling to Come?

Published on: 14:02PM Jan 16, 2019

Grain Express

 

January 16, 2019

 
 

 Corn (March)

 

Yesterday’s Close:  March corn futures finished yesterday’s session down 7 ½ cents, trading in a range of 10 cents.  Funds were estimated sellers of 20,000 contracts on the day.

 

Fundamentals:  Corn futures broke down yesterday, triggering a wave of technical selling.  As far as the headlines go, there wasn’t anything substantive over the last 24-hours.  The weekly EIA ethanol report will be out at 9:30 am cst.  We are cautiously optimistic on prices going into today’s session.

 

Technicals:  The breakdown below 375-378 opened the door for a round down to our 4-star support pocket which we defined as 371 ¾-372 ½ (low was 371 ¾).  We are....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Soybeans (March)

 

Yesterday’s Close:  March soybean futures finished yesterday’s session down 9 ¾ cents, trading in a range of 15 ½ cents.  Funds were estimated sellers of 7,500 contracts on the day.

 

Fundamentals:  Soybeans continued to work lower yesterday on lack of friendly news.  In yesterday’s report we said: “We would not be surprised to see the market drift lower/chop sideways for the remainder of the week.  As we start getting closer to the meeting between US and China trade officials at the end of the month, we would look for a premium to work back into the market.”.  Our thoughts remain the same this morning but looking for the market to hold a little better now on technical support (see technicals below).

 

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

 

 

Wheat (March)

 

Yesterday’s Close:  March wheat futures finished yesterday’s session down 3 ¼ cents, trading in a range of 10 ¼ cents.  Funds were estimated sellers of 4,000 contracts on the day.

 

Fundamentals:  Wheat futures softened yesterday, but for the most part held well considering the carnage in the corn and bean pits.  We believe yesterday’s pressure was a lot of spillover from corn and beans, with little to do with a bearish fundamental change.

 

Technicals:  The market broke below technical support at 510 yesterday but managed to reclaim that into the close.  We....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

-S&P, Gold, Oil

-Currencies

 

 

 

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.