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Will grain markets continue to rally?

Published on: 14:02PM Jan 07, 2019

Grain Express

 

January 7, 2019

 
 

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Corn (March)

 

Last Week’s Close: March corn futures finished Friday’s session up 2 ½ cents, extending gains for the week to 8 ½ cents.

 

Fundamentals: The USDA made their decision last Friday to not release the January WASDE report (scheduled for this Friday) if the government is still shutdown. Weekly export inspections will be released at 10am cst today (per usual). Friday’s weekly EIA ethanol report showed production dropped 31,000 barrels to 1.011 million barrels per day.

 

Technicals: The market is holding ground in the early morning trade, but bulls will want to see the market grind higher when we get more volume on the floor open. A failure to see....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Soybeans (March)

 

Last Week’s Close: March soybean futures finished Friday’s session up 11 ¾ cents, extending gains for the week to 26 ¾ cents.

 

Fundamentals: The USDA made their decision last Friday to not release the January WASDE report (scheduled for this Friday) if the government is still shutdown. Weekly export inspections will be released at 10am cst today (per usual). U.S. and China trade representatives will be meeting today and tomorrow, so expect to see some volatility on any headlines regarding this.

 

Technicals: The market is continuing higher this morning, an encouraging way to start the week for bulls. With that said, there is....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.

 

 

Wheat (March)

 

Last Week’s Close: March wheat futures finished Friday’s session up 2 cents, extending gains for the week to 4 ¾ cents.

 

Fundamentals: Wheat futures have been the beneficiary of spillover strength from corn and beans, that has run out of steam in the thinly traded overnight/early morning trade. The USDA made their decision last Friday to not release the January WASDE report (scheduled for this Friday) if the government is still shutdown. Weekly export inspections will be released at 10am cst today (per usual). Informa Economics reported U.S. winter wheat seedings at 31.513 million acres, this is down 1.022 from last year.

 

Technicals: Wheat rallied into the end of last week, coming up into our technical resistance pocket which we have....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.