The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Loading News
The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Commodity markets and the information that moves them is constantly changing making it almost impossible to keep up. The Blue Line Express is a valuable resource written by, Blue Line Futures, for hedgers and traders that provides the latest and most pertinent news and technical analysis. Take one stop on the Blue Line Express for daily fundamental and technical analysis so you can make better informed decisions.
Corn (December)
Yesterday’s Close: December corn futures finished yesterday’s session down 3 cents, trading in a range of 3 ¾ cents. Funds were estimated sellers of 10,000 contracts on the day.
Fundamentals: A brutal export sales number coupled with a stronger US dollar and outside market volatility led to weakness in yesterday’s trade. Export sales came in at 382,534 metric tons, well below the range of estimates from 800,000-1,300,000 metric tons. This one report does not represent a trend change in exports, for that reason we are still optimistic on corn prices as we look to round out 2018. There are no major news events scheduled in the near future, so weather, harvest, and money flow will be the main focus for the remainder of the month.
Technicals: Click this link for a Free Trial to view our entire technical outlook and actionable bias and levels.
Soybeans (November)
Yesterday’s Close: November soybean futures finished yesterday’s session down 20 ¼ cents, trading in a range of 21 cents. Funds were estimated sellers of 11,500 contracts on the day.
Fundamentals: As with corn, it was a string of bearish news that created the perfect storm yesterday. Exports were pathetic to say the least, they came in at 295,566 metric tons, well below expectations from 600,000-1,000,000 metric tons. That coupled with a stronger dollar and a weaker outside market led to a full day of orderly selling. November option expiration is next week, this will be something to keep a close eye on. A lot of times cereal expirations like November for soybeans tend to cause more volatility as the market searches for the strikes with significant open interest.
Technicals: Click this link for a Free Trial to view our entire technical outlook and actionable bias and levels.
Wheat (December)
Yesterday’s Close: December wheat futures finished yesterday’s session down 4 cents, trading in a range of 8 ½ cents. Funds were estimated sellers of 3,500 contracts on the day.
Fundamentals: Wheat futures saw pressure yesterday on the back of spillover pressure from corn and beans, that coupled with a stronger US dollar and outside market volatility was too big of a headwind. Weekly exports came in at 476,000 metric tons, this was within the range of expectations.
Technicals: Click this link for a Free Trial to view our entire technical outlook and actionable bias and levels.
Sign up for a FREE trial of 1 or all 4 of our daily commodity reports!
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.
Loading News