rounded corner
rounded corner
top border

Daily Grain Market Commentary


Bookmark and Share

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)

....Claim your FREE two-week trial now!


Sign up for your FREE two-week trial!

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.



Recent articles from this author



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 

Published by Barchart
Home  •  Charts & Quotes  •  Commentary  •  Authors  •  Education  •  Broker Search  •  Trading Tools  •  Help  •  Contact  •  Advertise With Us  •  Commodities
Markets: Currencies  •   Energies  •   Financials  •   Grains  •   Indices  •   Meats  •   Metals  •   Softs

The information contained on InsideFutures.com is believed to be accurate but is not guaranteed. Market data is furnished on an exchange delayed basis by Barchart.com. Data transmission or omissions shall not be made the basis for any claim, demand or cause for action. No information on the site, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options contracts. InsideFutures.com is not a broker, nor does it have an affiliation with any broker.


Copyright ©2005-2019 InsideFutures.com, a Barchart.com product. All rights reserved.

About Us  •   Sitemap  •   Terms of Use  •   Privacy Policy