Fundamentals: All eyes are on weather this week as planting delays persist throughout the Midwest. Expectations are for the crop to be 40-50% completed, well shy of the 5-year average, 80%. Expectations of less acres and/or decreased yield have put a premium into the market and will likely continue to as the heavily short funds look to cover and potentially flip long. Friday’s Commitment of Traders report showed funds with a net short position of 282,918 futures/options, little changed from the previous week. Keep in mind that that data is collected through Tuesday, estimates for the back half of the week show funds reduced another 73,000 contracts, putting the real time estimate closer to -210,000 futures/options.
Technicals: The market is....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
Fundamentals: Soybeans are marching higher in the early morning session thanks to growing concerns over weather and planting progress, or lack thereof. This afternoons crop progress report is expected to show the U.S. soybean crop 10-15% planted. The lingering headwind for the soybean market is the ongoing trade battle with China. Until that issue gets resolved, rallies will likely be sold into by producers. Friday’s Commitment of Traders report showed that funds holding a record short position of 168,835 futures/options through Tuesday. Estimates indicate that funds bought back roughly 1,500 contracts in the back half of the week.
Technicals: The market is trying to....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
Fundamentals: The market made a swift reversal last week as funds look to cover short positions in the grain complex. Friday’s Commitment of Traders report showed funds holding a short position of 78,461 futures/options for the Chicago contract, funds are short another 56,424 contracts in KC wheat. This afternoon’s crop progress report is expected to show spring wheat planting to be 70-80% complete.
Technicals: The market is pressing....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
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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.