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Buy The Dip?

Published on: 09:28AM Jul 17, 2019

Grain Express

July 17, 2019

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Corn, Soybeans, Wheat

Corn (December)

Yesterday’s Close:  December corn futures finished yesterday’s session down 6 ¼ cents, trading in a range of 11 ¾ cents.  Funds were estimated sellers of 18,000 contracts.

Fundamentals:  It is a full-blown weather market, and that means a choppy trade for the foreseeable future.  Crop conditions improved over the last week, but a hot and dry forecast could keep them from improving much more, ahead of Monday’s Crop Progress report.  On top of weather uncertainty, there are still a lot of question marks over planted acres.  These concerns will likely keep a floor in the market until we get a better understanding of how many acres got planted. 

Technicals:  There was a trendline from....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com

 

 

Soybeans (November)

Yesterday’s Close:  November soybean futures finished yesterday’s session down 14 ¾ cents, trading in a range of 15 ¾ cents.  Funds were estimated sellers of 10,500 contracts.

Fundamentals:  As mentioned in the corn section, majority of market participants are keeping their eye on weather and the affects it may have on crop development.  Crop conditions improved over the last week, but a hot and dry forecast could keep them from improving much more, ahead of Monday’s Crop Progress report.  On top of weather uncertainty, there are still a lot of question marks over planted acres.  There were talks of trade talks progressing but that seems to be the favorite recycled headline when there’s nothing else to report. 

Technicals:  Soybeans worked lower yesterday but....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com

 

 

Wheat (September)

Yesterday’s Close:  September wheat futures finished yesterday’s session down 1 ½ cents, trading in a range of 9 cents.  Funds were estimated sellers of 1,000 contracts. 

Fundamentals:  Wheat futures were softer yesterday but held their own all things considered (broader grain complex under more pressure).  Though we still have a bearish tilt on wheat, we would not be surprised to see a pop higher in the very near term.  If this were to happen, we would likely work with clients to sell the rally.

Technicals:  The bulls were able to defend our 3-star support pocket from 498-502 in yesterday’s session, setting up....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.

 

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