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 (July)
Yesterday’s Close: July corn futures finished yesterday’s session up 1 ½ cents, trading in a range of 4 ¾ cents. Funds were estimated sellers of 1,000 contracts.
Fundamentals: Corn managed to hold firm yesterday as planting concerns offer support to the market. Those concerns coupled with a new calendar month for the funds have offered support right out of the gate on last night’s open. We would not be terribly surprised to see additional short covering propel prices higher, especially if we continue to see wet forecasts over the coming days and weeks.
Technicals: The market looked....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email
Soybeans (July)
Yesterday’s Close: July soybean futures finished yesterday’s session down 7 cents, trading in a range of 13 ¼ cents. Funds were estimated sellers of 7,000 contracts.
Fundamentals: Soybeans worked lower on the back of negative sentiment surrounding trade negotiations with China. White House Chief of Staff, Mick Mulvaney, said that there will be a resolution one way or the other in the coming weeks. A less optimistic spin than what we are used to from this administration. Prices have been telling us that we weren’t close to anything substantive for the better part of the last two weeks.
Technicals: The market continued to....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email
Wheat (July)
Yesterday’s Close: July wheat futures finished yesterday’s session down 5 cents, trading in a range of 9 ½ cents. Funds were estimated sellers of 5,500 contracts.
Fundamentals: Today is the first day of a new month, which could have funds repositioning in the coming weeks. We know that they have been aggressive sellers of wheat, mounting record net short positions on the back of ample supply and dismal demand. With that said, a lot of the bad news has been digested over the past month which leads us to believe that there may not be much juice left in this bearish grape. That is not a recommendation to buy, more or less a recommendation to not sell aggressively. The bottom is a process, not a point.
Technicals: Monday’s session was what we referred to as....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email
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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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