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Daily Grain Market Commentary

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Grain Express

September 9, 2019

Corn (December)

Fundamentals: December corn futures marked new contract lows last week and finished near the low end of the weeks range. The technicals remain extremely weak, but bulls are hopeful that this weeks fundamental calendar will start turning the tide. Crop Progress will be out after the close, good/excellent ratings are expected to come in at 58%, steady with last week. Thursdays USDA report is the big-ticket item, we will have estimates out in tomorrows report. Fridays Commitment of Traders report showed funds holding a net short position of 119,371 contracts.

Technicals: The bears remain in total control of the chart and with prices in uncharted territory the water is a bit muddy. Looking at the continuous chart the next support pocket comes in from 338 -343, still 10+ cents lower than the market. Sure the market is oversold and funds are net short, but neither are to extreme levels that would indicate things are overdone. Previous support at 363 now becomes resistance, the bulls need to see consecutive closes above here to increase the chances of a short covering rally.

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

Resistance: 377-381**, 392 ***, 405-407**

Pivot: 363

Support: 338 -343**

Soybeans (November)

Fundamentals: November soybean futures ran out of supportive news to spark a technical breakout, in the back half of last weeks trade. Fridays Commitment of Traders report showed funds holding a net short position of 73,127 contracts. Todays crop progress report is expected to show good/excellent ratings at 55%, steady with last week. All eyes will then shift towards Thursdays USDA report, we will have estimates out in tomorrows report.

Technicals: The market failed against our resistance pocket last week, 880-882. The inability to stage a breakout led to pressure in the back half of last weeks trade. Prices have now....Claim your FREE two-week trial now!

Chicago Wheat (December)

Fundamentals: Chicago wheat futures have been under pressure for the last 2 months, bulls are hopeful that the market can receive positive news from the USDA on Thursday and start to work on forming a base. The strength in the US Dollar has continued to be a headwind, hurting demand while supply remains relatively high. Fridays Commitment of Traders report showed the funds have a net short position of 21,037 contracts.

Technicals: We probably sound like a broken record by this point, but the trend of lower highs and lower lows remains intact. So long as....Claim your FREE two-week trial now!

Kansas City Wheat (December)

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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.



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