Yesterday’s Close: May corn futures finished yesterday’s session up 3 ½ cents, trading in a range of 6 cents. Funds were estimated buyers of 17,000 contracts.
Fundamentals: Weekly export sales fell flat yesterday morning, but that was not enough to halt the short covering rally we have seen this week. Apocalyptic weather through the Midwest over the last few days is stoking the fear of potential fieldwork delays in the coming weeks. There is a Quarterly stocks report out at the end of the month, we would not be surprised to see additional short covering into that.
Yesterday’s Close: May soybean futures finished yesterday’s session down 2 ½ cents, trading in a range of 10 ¾ cents. Funds were estimated sellers of 3,000 contracts.
Fundamentals: Weekly export sales yesterday morning came in at 1,914,901 metric tons, towards the top end of expectations. On the surface, the market seemed unimpressed, but it is likely that this news had already been priced in. Remember, price precedes news. Trade talks with China have stalled and it is being rumored that we not pick up those talks until next month, this also put a bit of a damper on the market.
Yesterday’s Close: May wheat futures finished yesterday’s session up 4 ¾ cents, trading in a range of 13 ¾ cents. Funds were estimated buyers of 6,000 contracts.
Fundamentals: Weekly export sales yesterday morning came in at a dismal 346,011 metric tons, 100,000 metric tons below the low end of expectations. With that said, the market held relatively well as it appears funds are continuing to cover their short position. Money flow has been the name of the game this week, and we expect that to be the case over the next several sessions.
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.