Corn (December)

Friday’s Close: December corn futures finished Friday’s session down 18 ½ cents, trading in a range of 42 cents.

Fundamentals:  Corn futures got slammed Friday afternoon, following a bearish USDA report.  Their planted acres survey showed corn acres at 91.7 million acres, well above the average estimate of 86.8 and just about 1 million off of the March report, 92.8 million acres.  We know the survey was taken from the beginning of the month and may not be reflective of up to date intentions, this report sets a high bar going forward, there will likely be another survey update in August.  Crop Progress will be released at 3pm cst, condition expectations are around 58% good/excellent, up 2% from the previous week.  Friday’s Commitment of Traders report showed funds holding a net long position of 187,929 contracts.    

Technicals:  December corn futures broke....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email

Soybeans (November)

Friday’s Close:  November soybeans finished Friday’s session up 11 ¼ cents, trading in a range of 18 ¾ cents.

Fundamentals:  Soybean futures managed to find some strength on the back of Friday’s acreage report.  The USDA pegged soybean acres at 80.00 million, this vs the average analyst estimate of 84.4.  The dramatic drop in soybean acres makes the corn number seem a little more reasonable, though still questionable in our opinion.  Crop Progress will be out at 3pm cst today, the average estimate is for soybeans to have a rating of 55% good/excellent, up 1% from last week.  Trade negotiations with China are expected to continue following a good meeting between leaders at the G20 summit in Japan.  Friday’s Commitment of Traders report showed the funds holding a net short position of 34,042 contracts.

Technicals:  The market held....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email

Wheat (September)

Friday’s Close:  September wheat futures finished yesterday’s session down 20 ¼ cents, trading in a range of 32 ¼ cents.

Fundamentals:  The market plunged lower on Friday on the back of pressure from the corn market.  As mentioned in previous reports, if weakness set in on corn, wheat would likely experience the brunt of the pressure.  Friday’s USDA report had all wheat acres at 45.609 million acres, inline with the average estimate of 45.654 million acres.  Ending stocks came in at 1.072 billion bushels, inline with estimates of 1.100 billion bushels.  Friday’s Commitment of Traders report showed funds holding a net long position of 31,513 contracts.  Crop Progress will be released after the close today, expectations are for crop conditions to increase by 1-2%.

Technicals:  The market is right back....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email

Sign up for a FREE trial of 1 or all 4 of our daily commodity reports!

-Grains

-Livestock

-Currencies

-S&P, Oil, Gold

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.