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Corn (March)


Yesterdays Close: March corn futures finished yesterdays session down 5 cents, trading in a range of 6 cents. Funds were estimated sellers of 16,000 contracts on the day.


Fundamentals:Yesterdays price action was technical in nature (see technical section below) as the market continues to keep its ear to the ground for new news. Estimates for the would-be WASDE report today have been released. U.S. ending stocks are estimated to be between 1.579-1.787 billion bushels, the average being 1.694. U.S. quarterly stocks are estimated to be near 12.097 billion bushels. The average yield estimate is 178, putting the average production estimate at 14.538 billion bushels.


Technicals: If you have been reading our report over the last week, you know that we were reducing exposure and looking for a pocket to buy back at. In yesterdays.....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.


Soybeans (March)


Yesterdays Close: March soybean futures finished yesterdays session down 17 cents, trading in a range of 18 cents. Funds were estimated sellers of 11,000 contracts on the day.


Fundamentals: CONAB released estimates for the Brazilian soybean crop, they have it pegged at 118.80mmt, down from last month but higher than analyst estimates. There will not be a WASDE report this morning, but estimates are out from private analysts. The average estimate for U.S. yield comes in at 51.8 bushels per acre, putting production at 4.572 billion bushels. The average estimate for Quarterly Stocks is 3.725 billion bushels. U.S. ending stocks at 904 million bushels, with estimates ranging from 798-980. Trade talks with China seemed to be productive, but nothing other than that.


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


Wheat (March)


Yesterdays Close: March wheat futures finished yesterdays session down 5 cents, trading in a range of 8 cents. Funds were estimated sellers of 4,500 contracts.

Fundamentals: Not much has changed on the fundamental landscape over the last 24-hours. The average estimate for all winter wheat seedings comes in at 32.279 million acres, with estimates ranging from 31.513-33.30 million acres. U.S. quarterly stocks estimates come in near 1.96 billion bushels. U.S. ending stocks come in near 987 million bushels.


Technicals: The market could....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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About the author


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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