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Grain Market Update (3.13.18)


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CORN (May)

Yesterdays Close: May corn futures closed down of a cent yesterday, trading in a range of 4 cents on the session. Funds were estimated to have been buyers of 5,000 contracts.

Fundamentals: Export inspections for corn came in at 1,377,000 metric tons, this was above the expected range from 900,000-1,200,000 metric tons and the highest weekly total we have seen in 10 months; last weeks inspections number came in at 980,000. There has not been much new news on the wire and not much more is expected at the moment, the wild card likely be more tariff talk. Market participants will start shifting their focus towards the Prospective Plantings report at the end of the month. With little news slated on the horizon, we would expect the technical trade to remain intact with funds holding their most bullish position since June of 2016.

Technicals: Bulls fought back yesterday and have used that momentum for a slightly positive tone here in the early morning trade. First technical resistance remains at 391 -393 , a break and close below opens the door for an extension towards....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

SOYBEANS (May)

Yesterdays Close: May soybeans closed up 5 cents yesterday, trading in a range of 13 cents for the session. Funds were estimated to have been buyers of 5,000 contracts.

Fundamentals: Export inspections yesterday morning came in at 910,000 metric tons, this was within the range of expectations from 700,000-1,000,000 metric tons; last weeks inspections number came in at 1,014,000 metric tons. Trade continues to watch weather, but attention will likely be shifting towards developments in the states as we slowly inch towards planting season. The monthly NOPA crush numbers will be released on Thursday.

Technicals: Soybean futures reclaimed ground yesterday on the floor open which is a silver lining for the bulls here. Bulls need to see an accelerated move higher to regain momentum, a failure to do so will likely lead to long liquidation. There is minor resistance at the big 1050 handle, but the significant resistance doesnt come in until....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

WHEAT (May)

Yesterdays Close: May wheat futures closed up 1 cent yesterday, trading in a range of 9 cents for the session. Funds were estimated to have been buyers of 2,500 contracts.

Fundamentals:Export inspections yesterday morning cane in at 389,000 metric tons, this was within the expected range from 250,000-450,000 metric tons; last weeks inspections number came in at 401,000 metric tons. Yesterdays cop progress showed that majority of the winter wheat crop in Kansas, Oklahoma, and Texas are in very poor condition. Kansas wheat crop is 53% poor/very poor with only 12% rated good/excellent. Oklahomas rating is 72% poor/very poor, and Texas is 53% poor/very poor. Precipitation over the week looks to miss concern areas in Texas, Oklahoma, and Kansas.

Technicals: Wheat futures tested and held technical support very nicely yesterday, we had outlined that as 478-481 . This pocket represents previous resistance, the 200-day moving average, and the original breakout point from February 28th. So long as this pocket holds, the bulls will remain in control. Bulls want to see a close back above....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

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Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.

 

 

Contributing author since 10/6/17 

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