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Daily Grain Technicals & Fundamentals


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Grain Express

July 10, 2019


Corn (December)


Yesterdays Close: December corn futures finished yesterdays session down 7 cents, trading in a range of 10 cents. Funds were estimated sellers of 9,500 contracts.


Fundamentals: Corn futures softened up yesterday on the back of improving weather forecasts (for areas that got planted) and profit taking/position squaring ahead of tomorrows WASDE report. average being 164.5 bushels per acre. The average estimate for 2019/2020 ending stocks is 1.642 billion bushels.


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


Soybeans (November)


Yesterdays Close: November soybean futures finished yesterdays session up 8 cents, trading in a range of 14 cents. Funds were estimated buyers of 5,000 contracts.


Fundamentals: Soybeans had a sneaky good session yesterday which could be setting the tone for a move back higher, pending on tomorrows WASDE report. The average estimate for ending stocks is 812,000 bushels. Positive trade news has helped prop up prices to start the week as well, this has been a story with little substance for some time. With that said, price action suggests there may be something more to it this time.


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


Wheat (September)


Yesterdays Close:September wheat futures finished yesterdays session down 9 cents, trading in a range of 12 cents. Funds were estimated sellers of 5,000 contracts.


Fundamentals: Not much has changed over the last 24-hours as far as news goes. Attention is turning towards tomorrows WASDE report. The average estimate for ending stocks comes in at 1.043 billion bushels, down from 1.072 in the previous month. We are putting the KC/Chicago wheat spread back on our radar as we could start to see that narrow up.


Technicals: The market tested and....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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