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 (May)
Yesterday’s Close: May corn futures finished yesterday’s session up ½ of a cent, trading in a range of 7 cents.
Fundamentals: Yesterday’s USDA report showed U.S. carryout at 2.035 billion bushels, above the average analyst estimate of 1.991 billion bushels. World carryout was reported at 314.01 million tonnes, also above estimates, coming in at 311.16 million tonnes. The fact that the market couldn’t break lower on a bearish report is extremely encouraging for the bull camp as attention will shift back towards planting progress and crop development over the coming weeks/months. Yesterday, Secretary Perdue talked about the potential for reducing ethanol tariffs in the trade deal.
Technicals: Contract lows were fractionally taken out yesterday, but the market....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.
Soybeans (May)
Yesterday’s Close: May soybeans finished yesterday’s session down ¼ of a cent, trading in a range of 7 ½ cents.
Fundamentals: Yesterday’s WASDE report had U.S. carryout pegged at 895 million bushels, below the average estimate of 898 million bushels. World carryout came in at 107.36 million tonnes, below the average estimate of 108.04 million tonnes.
Argentina’s soybean production remained unchanged at 55 million tonnes while Brazil’s was raised slightly. All in all, this was a neutral report and does little to get the bears or bulls excited. Attention will now turn back to trade and money flow.
Technicals: The bears have a....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.
Wheat (May)
Yesterday’s Close: May wheat futures finished yesterday’s session down 4 ¾ cents, trading in a range of 6 ¼ cents.
Fundamentals: Yesterday’s WASDE report had U.S. carryout at 1.087 billion bushels, above the average estimate of 1.072 billion bushels. World Carryout came in at 275.61 million tonnes, above the average estimate of 271 million tonnes. That bearish report coupled with a good crop progress report Monday afternoon kept a lid on the market.
Technicals: The pullback off of....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.
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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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