Daily Grain Market Update

Published on: 08:19AM Sep 09, 2019

Grain Express

Corn (December)

Fundamentals:  December corn futures marked new contract lows last week and finished near the low end of the week’s range.  The technicals remain extremely weak, but bulls are hopeful that this week’s fundamental calendar will start turning the tide.  Crop Progress will be out after the close, good/excellent ratings are expected to come in at 58%, steady with last week.  Thursday’s USDA report is the big-ticket item, we will have estimates out in tomorrow’s report.  Friday’s Commitment of Traders report showed funds holding a net short position of 119,371 contracts.

Technicals:  The bears remain in total control of the chart and with prices in uncharted territory the water is a bit muddy.  Looking at the continuous chart the next support pocket comes in from 338 ¾-343, still 10+ cents lower than the market.  Sure the market is oversold and funds are net short, but neither are to extreme levels that would indicate things are “overdone”.  Previous support at 363 ¾ now becomes resistance, the bulls need to see consecutive closes above here to increase the chances of a short covering rally. 

Bias: Neutral/Bullish

Resistance: 377-381**, 392 ¾***, 405-407**

Pivot: 363 ¾

Support: 338 ¾-343**


Soybeans (November)

Fundamentals:  November soybean futures ran out of supportive news to spark a technical breakout, in the back half of last week’s trade.  Friday’s Commitment of Traders report showed funds holding a net short position of 73,127 contracts.  Today’s crop progress report is expected to show good/excellent ratings at 55%, steady with last week.  All eyes will then shift towards Thursday’s USDA report, we will have estimates out in tomorrow’s report.

Technicals:  The market failed against our resistance pocket last week, 880-882.  The inability to stage a breakout led to pressure in the back half of last week’s trade.  Prices have now....Claim your FREE two-week trial now!


Chicago Wheat (December)

Fundamentals:  Chicago wheat futures have been under pressure for the last 2 ½ months, bulls are hopeful that the market can receive positive news from the USDA on Thursday and start to work on forming a base.  The strength in the US Dollar has continued to be a headwind, hurting demand while supply remains relatively high.  Friday’s Commitment of Traders report showed the funds have a net short position of 21,037 contracts. 

Technicals:  We probably sound like a broken record by this point, but the trend of lower highs and lower lows remains intact.  So long as....Claim your FREE two-week trial now!


Kansas City Wheat (December)

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