Sell corn and buy beans?

Published on: 14:07PM Nov 13, 2018

Corn

 

Yesterday’s Close:  December futures finished yesterday’s session up ½ of a cent, trading in a 4 ½ cent range for the day.  Funds were estimated buyers of 5,500 contracts on the day.

 

Fundamentals:  Due to Veterans day, the weekly Crop Progress report was pushed back to this afternoon.  With harvest all but complete, the report will be watched with little excitement.  Expectations are for corn harvest to be 88% complete, 2% ahead of the 5-year average.  The dollar made new highs on the year yesterday but is retreating in the early morning trade.  If the dollar continues to march higher, it will be a headwind for corn.

 

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Soybeans (January)

 

Yesterday’s Close:  January soybeans finished yesterday’s session down 4 ½ cents, trading in a range of 7 ¾ cents on the day.  Funds were estimated sellers of 4,500 contracts on the day.

 

Fundamentals:  Due to Veterans day, the weekly Crop Progress report was pushed back to this afternoon.  With harvest winding down, there won’t be much to write home about in the report.  Weekly Crop Progress this afternoon is expected to show soybean harvest at 90% complete, just 3% behind the 5-year average. 

 

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Wheat (December)

 

Yesterday’s Close:  December wheat futures finished yesterday’s session up 16 ½ cents, trading in a range of 19 ½ cents.  Funds were estimated buyers of 7,500 contracts on the day.

 

Fundamentals:  Wheat futures surged higher yesterday, despite the U.S. dollar making new highs on the year.  The other head scratcher was the lack of correlation with the Kansas City contract, this leads us to believe much of the move was likely short covering from the funds.  Due to Veterans day, the weekly Crop Progress report will be released today.  Expectations for the weekly Crop Progress report this afternoon is for winter wheat planting to be 90% complete with a crop rating of 52% good/excellent, this would be up 1% from last week.

 

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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.