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.
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Corn (July)
Yesterday’s Close: July corn futures finished yesterday’s session unchanged, trading in a range of 12 cents. Funds were estimated buyers of 18,000 contracts.
Fundamentals: The market started yesterday’s session on a high note but spent the rest of the day retreating as the net long producers took advantage of the huge 3-day rally. Weather concerns linger which offers a friendly backdrop for prices. Export sales this morning came in at 634.1tmt, within the range of expectations. Yesterday’s weekly EIA ethanol report showed production at 1.051 million barrels per day, up from 1.036.
Technicals: The market worked....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
Soybeans (July)
Yesterday’s Close: July soybean futures finished yesterday’s session up 5 ¾ cents, trading in a range of 21 ¼ cents. Funds were estimated buyers of 5,500 contracts.
Fundamentals: The market filled the gap as short covering continued to support grain prices in yesterday’s session. Secretary Mnuchin said he may be visiting China soon, there wasn’t any details or conviction in that statement. NOPA crush came in at 159.99 million bushels, shy of the expectations, 161.607 million bushels. Export sales this morning came in at 674.3 tmt, within the range of expectations.
Technicals: The market filled....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
Wheat (July)
Yesterday’s Close: July wheat futures finished yesterday’s session down 2 cents, trading in a range of 17 cents.
Fundamentals: Short covering in the grains helped support wheat futures early on but was met by sellers against technical resistance. Export sales this morning came in at 533.9 tmt, towards the top end of expectations. We will continue to keep a close eye on money flow and technicals as those two will be leading drivers for the remainder of the week.
Technicals: The market....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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