July 24, 2019
Yesterday’s Close: December corn futures finished yesterday’s session up 4 cents, trading in a range of 8 ¾ cents. Funds were estimated buyers of 7,000 contracts.
Fundamentals: Corn traded both sides of unchanged in yesterday’s sessions as traders and other market participants try to digest known information while weighing looming question marks (yields and planted acres). We continue to believe that the lingering question marks will provide some sort of a floor in the market. Weather will continue to be an important factor as the crop continues to develop. US officials are headed to China on Monday, this won’t have a direct impact on the dismal demand situation but has provided renewed optimism in the broader grain markets.
Technicals: The market worked towards....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
Yesterday’s Close: November soybean futures finished yesterday’s session down 2 ¼ cents, trading in a range of 11 ½ cents. Funds were estimated sellers of 4,000 contracts.
Fundamentals: Soybeans were able to work off the lows yesterday thanks in part to headlines that said US officials will head to China on Monday. This is playing out much like the story of the boy who cried wolf. We aren’t holding our breath for a trade deal but acknowledge that continuing talks is a good thing and a deal will be done at some point, even if that means years from now.
Technicals: The market tested and....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
Yesterday’s Close: September wheat futures finished yesterday’s session down ¾ of a cent, trading in a range of 10 ¼ cents. Funds were estimated sellers of 1,500 contracts.
Fundamentals: Wheat futures were under pressure early on but found a bid late in the day thanks to headlines regarding US/China trade. This does not have a direct impact on wheat but benefits prices through money flow. That positive money flow has spilled over into the overnight and early morning trade. Ultimately, we see relief rallies as opportunities to sell.
Techncials: The market managed to....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
-S&P, Oil, Gold
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.