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More Short Covering to Come?


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Corn (May)


Yesterdays Close: May corn futures finished yesterdays session up 3 cents, trading in a range of 6 cents. Funds were estimated buyers of 17,000 contracts.


Fundamentals: Weekly export sales fell flat yesterday morning, but that was not enough to halt the short covering rally we have seen this week. Apocalyptic weather through the Midwest over the last few days is stoking the fear of potential fieldwork delays in the coming weeks. There is a Quarterly stocks report out at the end of the month, we would not be surprised to see additional short covering into that.


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


Soybeans (May)


Yesterdays Close: May soybean futures finished yesterdays session down 2 cents, trading in a range of 10 cents. Funds were estimated sellers of 3,000 contracts.


Fundamentals: Weekly export sales yesterday morning came in at 1,914,901 metric tons, towards the top end of expectations. On the surface, the market seemed unimpressed, but it is likely that this news had already been priced in. Remember, price precedes news. Trade talks with China have stalled and it is being rumored that we not pick up those talks until next month, this also put a bit of a damper on the market.


Technicals: The technical landscape on beans is arguably the ugliest of the three sisters, but....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.


Wheat (May)


Yesterdays Close: May wheat futures finished yesterdays session up 4 cents, trading in a range of 13 cents. Funds were estimated buyers of 6,000 contracts.


Fundamentals: Weekly export sales yesterday morning came in at a dismal 346,011 metric tons, 100,000 metric tons below the low end of expectations. With that said, the market held relatively well as it appears funds are continuing to cover their short position. Money flow has been the name of the game this week, and we expect that to be the case over the next several sessions.


Technicals: Despite being little change from Tuesdays short squeeze, the price action has been....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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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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