Closing Prices and Market Recap (3.15.23)
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Closing Prices & Market Recap May Corn was 5 ¾ cents higher on the day, settling at 626 ½. This on the back of back-to-back flash sales from China. The new crop December contract was 2 ¼ cents lower, settling at 557. We saw some comments suggesting that the price action was disappointing with the flash-sale news, but when looking at crude oil being down $5.00, we think it was pretty impressive. May soybeans were 4 ½ cents lower, settling at 1489 ¼. The new crop November contract wasn’t as lucky, settling 13 ¾ lower to 1324 ¾. NOPA soybean crush came in at 165.4 million bushels, a notch below the average estimate. Today was the last day of the bearish seasonal trend and a new bullish seasonal trend starts next week. May wheat futures were 6 ½ cents higher today, settling at 702 ¾, the first settlement above $7.00 since March 3rd. We remain upbeat on prices with the belief the conditions are right for a bigger relief rally, a close back below $7.00 would likely neutralize that bias. April live cattle experienced another day of long liquidation, finishing the day 1.50 lower at 161.55. The low of the day happened to come in at the 100-day moving average, 161.10. This is also a full retracement of the breakout point from January 30th. Feeder cattle marked their fifth consecutive lower close, with the April contract settling at 193.25, that was down 2.50 for the day. The support pocket we are watching comes in from 191.37-192.00. This pocket represents the 50-day moving average along with other previously important price points. April lean hog futures were not immune to the selling pressure in livestock, finishing 1.65 lower to 83.75. Looking further out, there was more pain. June and July hogs were both over 3.00 lower. Get our FULL commentary, including corn and wheat, but signing up for a trial: https://www.bluelinefutures.com/free-trialIf you have any questions about markets, trading, or opening an account You can email us at info@BlueLineFutures.com or call 312-278-0500 Futures trading involves a 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. |
