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Grain Express

July 17, 2019


Corn (December)


Yesterdays Close:December corn futures finished yesterdays session down 6 cents, trading in a range of 11 cents. Funds were estimated sellers of 18,000 contracts.


Fundamentals: It is a full-blown weather market, and that means a choppy trade for the foreseeable future. Crop conditions improved over the last week, but a hot and dry forecast could keep them from improving much more, ahead of Mondays Crop Progress report. On top of weather uncertainty, there are still a lot of question marks over planted acres. These concerns will likely keep a floor in the market until we get a better understanding of how many acres got planted.


Technicals: There was a trendline from....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 down 14 cents, trading in a range of 15 cents. Funds were estimated sellers of 10,500 contracts.


Fundamentals: As mentioned in the corn section, majority of market participants are keeping their eye on weather and the affects it may have on crop development. Crop conditions improved over the last week, but a hot and dry forecast could keep them from improving much more, ahead of Mondays Crop Progress report. On top of weather uncertainty, there are still a lot of question marks over planted acres. There were talks of trade talks progressing but that seems to be the favorite recycled headline when theres nothing else to report.


Technicals: Soybeans worked lower yesterday but....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 1 cents, trading in a range of 9 cents. Funds were estimated sellers of 1,000 contracts.


Fundamentals: Wheat futures were softer yesterday but held their own all things considered (broader grain complex under more pressure). Though we still have a bearish tilt on wheat, we would not be surprised to see a pop higher in the very near term. If this were to happen, we would likely work with clients to sell the rally.


Technicals: The bulls were able to defend our 3-star support pocket from 498-502 in yesterdays session, setting up....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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