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Grain Express

July 19, 2019

Corn (December)


Yesterdays Close: December corn futures finished yesterdays session down 10 cents, trading in a range of 13 cents. Funds were estimated sellers of 28,000 contracts.


Fundamentals: Improving weather forecast triggered a technical breakdown in yesterdays session but does little to change the fact that there are a lot of question marks hanging over this years production numbers. Though we could see things get worse before they get better, we believe there is longer term fundamental support near the low end of the range. The bulls would like to see demand pick up; this has been a big headwind for the market. Export sales yesterday morning came in at 333,000 metric tons, a hair below the low end of expectations.


Technicals: Prices tripped stops below....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 of a cent, trading in a range of 10 cents. Funds were estimated sellers of 1,000 contracts.


Fundamentals: Soybeans were the surprise of the day, rallying off of technical support on little new news. Export sales yesterday morning came in at 326,300 metric tons, within the range of expectations. As with corn, there may be a longer-term fundamental backdrop with this years production numbers being a big unknown, but the lack of progress will likely prevent us from really taking off. For these reasons, we are looking for more of a range-bound trade, presenting opportunities to both the bull and bear camp.


Technicals: Our 3-star technical support pocket held in yesterdays session; we have had that listed as 887 -891 . This pocket represents a key retracement, the 50-day moving average, and other previously important price points including the lows from July 5th, 8th, and 9th. On the resistance side of things....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 11 cents, trading in a range of 12 cents. Funds were estimated sellers of 7,000 contracts.


Fundamentals: Wheat futures rolled over hard on what has been a developing bearish technical pattern. Bearish technicals coupled with ample global supply and dismal demand have been a big hurdle for the bull camp over the past month. Weekly export sales came in at 347,300 metric tons, within the range of expectations. Our bias remains outright Bearish.


Technicals: The bearish Head & Shoulders technical pattern continues to play out, we have been discussing this for some time now. There is minor support....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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