BREAKING:  Secretary Perdue and other USDA officials will hold a briefing call at 9:30cst regarding USDA’s specific plans to support farmers.  President Trump has scheduled remarks after the markets close. 

Corn (July)

Yesterday’s Close:  July corn futures finished yesterday’s session up 1 cent, trading in a range of 10 ¼ cents.  Funds were estimated buyers of 14,500 contracts.

Fundamentals:  The weather continues to be the leading catalyst for price action as we approach a 3-day weekend.  This will likely lead to a volatile re-open next week, higher for wet weather and lower for less precipitation than expected.  Regardless, next week’s crop progress will likely show continued delays in problem areas like Illinois, Indiana, and Ohio.  Yesterday’s weekly EIA ethanol report showed production at 1.071 million barrels per day, up 20,000 from the previous day.  Export sales came in at 422,100 metric tons for 2018/2019 and 183,900 metric tons for 2019/2020. 

Technicals:  The market was....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 8 ¼ cents, trading in a range of 16 cents.  Funds were estimated buyers of 7,000 contracts.

Fundamentals:  The market is trying to find traction but is finding it hard to find bullish news.  The possibility of more acres coupled with the lack of trade progress with China weighs heavy on the market, which is why we have kept our bias as neutral.  Secretary Perdue and other USDA officials are set to hold a briefing call at 9:30cst today to lay out specifics on their plan to support farmers, this will likely result in a choppy trade.  Export sales this morning came in at 535,800 metric tons for 2018/2019 and 5,100 metric tons for 2019/2020.

Technicals:  The bulls defended....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 3 ¾ cents, trading in a range of 12 ½ cents.  Funds were estimated sellers of 4,500 contracts.

Fundamentals:  The market softened up again yesterday as producers look to take some risk off the table and spec longs take profits from a nice run higher.  Export sales this morning came in 48,400 metric tons for 2018/2019 and 344,900 metric tons for 2019/2020.

Technicals:  The market is....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.