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Daily Grain Market Outlook


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Click this link to watch yesterday's interview with RFD-TV, covering our outlook for grain and livestock markets!


Corn (December)


Yesterdays Close:December corn futures finished yesterdays session up 2 cents, trading in a range of 6 .


Fundamentals: Corn futures managed to work higher yesterday and thanks to a friendly crop progress report, we are working higher again in the overnight/early morning trade. Yesterdays crop progress showed that planting is approaching 100% complete, 100% of what is still the unknown variable, making that part of the report rather useless. Corn conditions came in at 56% good/excellent, down 3% from the previous week and a hair below expectations. Notable declines came from Illinois and Indiana, but the biggest drop was in Ohio, to the tune of 14%. Fridays acreage report will be out at 11am cst, early estimates are coming in near 86.662 million acres, down from 89.800 million acres from the most recent WASDE report.


Technicals: Corn futures are working up into....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 3 cents, trading in a range of 11 cents.


Fundamentals: Soybeans worked higher to start the week and have continued that momentum after a friendly crop progress report, yesterday afternoon. That report showed that the soybean crop is 85% planted, but without a baseline number that number is not much help. The first look at good/excellent ratings came in at 54%, below expectations and well below the 5-year average. The notable drops come came from Illinois, Indiana, Michigan, Ohio, and Wisconsin, all of which are over 20% below average. Fridays acreage report will be out at 11am cst, early estimates are coming in near 84.335 million acres, down from 84.600 in the most recent WASDE report.


Techncials: The market has worked up into our first resistance pocket, we have defined that as....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 up 12 cents, trading in a range of 18 cents.


Fundamentals: Wheat futures managed to work higher yesterday on the back of positive money flow in the broader grain complex, something we have been talking about for a while now. Wheat was the leader yesterday, but we are not sold on the idea that that will continue to be the case. Spring wheat ratings came in at 75% good/excellent, down 2% from last week. Winter wheat ratings came in at 61% good/excellent, down 3% from the previous week.


Technicals: Wheat futures are....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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