Time to buy grains?
Oliver Sloup of Blue Line Futures - InsideFutures.com - Fri Oct 19, 7:55AM CDT

Grain Express

October 19, 2018

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Corn, Soybeans, Wheat


Corn (December)

Yesterdays Close:December corn futures finished yesterdays session down 3 cents, trading in a range of 3 cents. Funds were estimated sellers of 10,000 contracts on the day.


Fundamentals: A brutal export sales number coupled with a stronger US dollar and outside market volatility led to weakness in yesterdays trade. Export sales came in at 382,534 metric tons, well below the range of estimates from 800,000-1,300,000 metric tons. This one report does not represent a trend change in exports, for that reason we are still optimistic on corn prices as we look to round out 2018. There are no major news events scheduled in the near future, so weather, harvest, and money flow will be the main focus for the remainder of the month.


Technicals:Click this link for a Free Trialto view our entire technical outlook and actionable bias and levels.


Soybeans (November)

Yesterdays Close: November soybean futures finished yesterdays session down 20 cents, trading in a range of 21 cents. Funds were estimated sellers of 11,500 contracts on the day.


Fundamentals: As with corn, it was a string of bearish news that created the perfect storm yesterday. Exports were pathetic to say the least, they came in at 295,566 metric tons, well below expectations from 600,000-1,000,000 metric tons. That coupled with a stronger dollar and a weaker outside market led to a full day of orderly selling. November option expiration is next week, this will be something to keep a close eye on. A lot of times cereal expirations like November for soybeans tend to cause more volatility as the market searches for the strikes with significant open interest.


Technicals:Click this link for a Free Trialto view our entire technical outlook and actionable bias and levels.


Wheat (December)

Yesterdays Close: December wheat futures finished yesterdays session down 4 cents, trading in a range of 8 cents. Funds were estimated sellers of 3,500 contracts on the day.


Fundamentals: Wheat futures saw pressure yesterday on the back of spillover pressure from corn and beans, that coupled with a stronger US dollar and outside market volatility was too big of a headwind. Weekly exports came in at 476,000 metric tons, this was within the range of expectations.


Technicals:Click this link for a Free Trialto view our entire technical outlook and actionable bias and levels.


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