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Time to sell grains...again?

Published on: 13:09PM Sep 27, 2018

(December)

 

Yesterday’s Close:  December corn futures finished yesterday’s session down 1 ½ cent, trading in a range of 3 ½ cents. 

 

Fundamentals:  Corn gave up ground yesterday, snapping the 5-day win streak as market participants reduce risk into tomorrow’s 11 am Grain Stocks report.  The average analyst estimate for corn comes in at 2.101 billion bushels.  This morning’s export sales came in at 1.71 million tons for 2018/2019.

 

Technicals:  With yesterday’s tight ranging trade, not much has changed in the last 24 hours.  We continue to see significant resistsance from 366-369 ¾, this pocket represents the original breakdown point from the USDA report on August 12th, the 50-day moving average, and the top end of the most recent range.  If you’re bearish the market, this is the spot to get aggressive against on the first test.  If the market fails to gain traction above resistance, we would not be surprised to see the market retreat back towards....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

 

Soybeans (November)

 

Yesterday’s Close:  November soybean futures finished yesterday’s session up 2 ¾ cents, trading in a range of 9 ¼ cents.

 

Fundamentals:  The USDA reported a sale of 661,934 metric tons of soybeans sold to Mexico for 2018/2019, this provided a pop on yesterday’s open but was not enough to spark a bigger move.  Export sales this morning came in at 870,700 metric tons for 2018/2019 and 1,500 for 2019/2020.    We have seen a string of positive export news, this could be the beginning of a supportive trend.  Market participants are looking forward to tomorrow’s Grain Stocks report which will be released at 11 am cst.  The average analyst estimate is for 401 million bushels.

 

Technicals:  Soybeans had an inside day yesterday, trading within the previous day’s range, this does little to change the technicals for yesterday’s report.  The market is continuing to hover around the psychologically significant $8.50 handle, this will be a big pivot point as we wrap up the week.  The next resistance pocket for us comes in from....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

Wheat (December)

 

Yesterday’s Close:  December wheat futures finished yesterday’s session 2 ¾ cents lower, trading in a range of 10 ¼ cents. 

 

Fundamentals:  Wheat futures have been working lower the past few sessions on the lack of new bullish news to propel prices out above technical resistance.  Market participants are looking forward to tomorrow’s Grain Stocks report, this could give the market a little more clarity.  The average analyst estimate is for 2.343 billion bushels.  Export sales this morning came in at 657,100 metric tons for 2018/2019. 

 

Technicals:  Technical resistance has held well this week, that has invited sellers back in and at better prices.  Technical resistance remains intact from 523 ½-526.  This pocket represents a key retracement on the year and the 200-day moving average.  A conviction close above here would neutralize the chart, until then, the bears remain in clear control.  The market is now testing first support which we outlined in yesterday’s report as 510 ½-514 ¼, a close below here takes us back below....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

 

 

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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.