Sorry, you need to enable JavaScript to visit this website.

Daily Grain Market Outlook (7.29.19)

Published on: 08:12AM Jul 29, 2019

Grain Express

July 29, 2019

Corn, Soybeans, Wheat

We will be on RFD-TV at 9:45am CST! 

 

Corn (December)

Fundamentals: Corn futures softened up last week as better weather started to appear on intermediate term forecasts. This is undoubtedly good news for what is in the ground, but there is still an enormous amount of uncertainty regarding how many acres got in the ground. The wild card that is starting to garner more attention is the possibility of an early frost, this is a real scenario, but not one to hang your hat on. Friday’s Commitment of Traders report showed funds sold 34,0444 contracts, trimming their net long position back to 153,216 contracts. Crop Progress will be out later this afternoon, we would not be surprised to see good/excellent ratings steady with last week (57%).

Technicals: Despite last week’s softer trade....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com

 

Soybeans (November)

Fundamentals: November soybean futures were softer last week, but for the most part continued their consolidation. Weather will become bigger factor in the month of August, attention this week will be on trade talks with China. U.S. delegates are headed to Shanghai today, so expect headlines to keep volatility slightly elevated. Over the past year + now, we have been talking about China having the advantage of time on their side; as we head deeper into the U.S. election cycle. Crop Progress will be out later this afternoon, we would not be surprised to see good/excellent ratings steady with last week (54%). Friday’s Commitment of Traders report showed funds bought 446 contracts, narrowly trimming their net short position to 38,489 contracts.

Technicals: The market is treading water near....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com

 

Wheat (September)

Fundamentals: Wheat futures finished last week’s trade on the softer side as market participants remain skeptical on the fundamental and technical backdrop. Friday’s Commitment of Traders report showed funds sold 6,972 contracts, trimming their net long position to 11,779. Funds are short over 18k KC wheat contracts and a record short 14,410 Minneapolis wheat contracts.

Technicals: This is a big technical week for September wheat futures. Since posting....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com

 

Sign up for a FREE trial of 1 or all 4 of our daily commodity reports!

-Grains

-Livestock

-Currencies

-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.

keyword: