The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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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
Last Week’s Close: May corn futures finished Friday’s session up 2 ½ cents, extending gains for the week to 5 ¾ cents. Friday’s Commitment of Traders report showed that funds sold 3,361 contracts through March 19th, extending their net short position to 261,326 futures/options.
Quick Take: Weather has been a growing concern in the Midwest. It is a possibility that we see planting delays in areas and maybe even a shift of acres from corn to beans. Freight disruption on flooded rivers is also a concern with plenty of snow melt yet to come. We believe this issue will stick around for a minute, which could encourage a wave of fund short covering. The technicals started to firm up last week, prompting us to change our bias from Neutral/Bullish to outright Bullish, in our Thursday morning report. Check out our Grain Express tomorrow morning for the full technical breakdown.
Soybeans
Last Week’s Close: May soybeans finished Friday’s session down 6 ¼ cents, putting prices 5 cents lower for the week. Friday’s Commitment of Traders report showed that funds bought 26,205 contracts through March 19th, trimming their net short position to 63,922 futures/options.
Wheat
Last Week’s Close: May wheat futures finished Friday’s session down 1 ½ cents, trimming gains for the week to 4 ¾ cents. Friday’s Commitment of Traders report showed that funds sold 1,359 contracts through March 19th, extending their net short position to 73,506 futures/options.
Live Cattle
Last Week's Close: April live cattle futures finished Friday’s session down .075, trimming gains for the week to .70. Friday’s Commitment of Traders report showed funds bought 16,446 contracts through March 19th, extending their long position to 145,159 futures/options.
Feeder Cattle
Last Week's Close: April feeder cattle futures finished Friday’s session up .05, putting futures up 2.00 for the week. Friday’s Commitment of Traders report showed that funds bought 3,273 contracts through March 19th, putting them net long 2,048 futures/options.
Lean Hogs
Last Week’s Close: April lean hog futures finished Friday’s session down .275, trimming gains for the week to a whopping 9.25. Friday’s Commitment of Traders report showed that funds were buyers of 11,723 contracts through March 19th, putting them net long 8,090 futures/options.
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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.
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