Option Expiration

Published on: 13:15PM May 24, 2019

Corn (July)

 

Yesterday’s Close:  July corn futures finished yesterday’s session down 4 ¼ cents, trading in range of 12 cents.  Funds were estimated sellers of 20,500 contracts.

 

Fundamentals:  Export sales yesterday morning came in at 625,959 metric tons, within the range of expectations.  Yesterday’s big news came from the USDA as they released details about the farm aid package.  Previously the thought was that farmers would benefit from aid by planting beans, now they will be benefited by planting any crop; prevent plant does not qualify for payment, which likely puts some acres back on corn.  Yields will still be the big question market; we are looking for below trend but how far below trend has yet to be determined.  Wet weather is expected to continue, that could keep a bid into the market ahead of the 3-day weekend.  We are looking to put long exposure back on before today’s close.

 

Technicals: The market traded technically sound yesterday, bouncing in between our resistance and support pockets perfectly, we had defined that as 398 ¼-401 and 385-387 ¼, respectively.  If....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 down 8 ¾ cents, trading in a range of 17 cents.  Funds were estimated sellers of 6,000 contracts.

 

Fundamentals:  Soybeans saw continued pressure yesterday thanks in part to the USDA announcement that seemingly discouraged prevent plant acres.  The market has found some footing this morning as weather premium comes back into the market, that will continue to be a big factor in the coming weeks.  Our overall view on soybeans hasn’t changed much, we are looking for rallies to be sold into, until we make substantive progress regarding trade with China.  As we’ve stated several times over the last year, China has leverage into the U.S. election cycle, in the sense that time is on their side. 

  

Technicals:  Technical support was....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 session down 3 cents, trading in a range of 19 ¼ cents.  Funds were estimated sellers of 3,000 contracts.

 

Fundamentals:  The market reversed yesterday in sympathy with the corn and soybean market.  We have stated that money flow was a leading catalyst for us and that continues to be the case, not just in the wheat market but the broader grain complex.  Export sales yesterday morning came in at 393,246, within the range of expectations. 

 

Technicals:  The market had a....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email [email protected]

 

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