Daily Grain Technical & Fundamental Analysis (12.7.18)
Oliver Sloup of Blue Line Futures - InsideFutures.com - Fri Dec 07, 8:14AM CST

Grain Express

December 7, 2018

|

Corn, Soybeans, Wheat


Corn (March)


Yesterdays Close: March corn futures finished yesterdays session 2 cents lower, trading in a range of 4 cents. Funds were estimated sellers of 4,000 contracts on the day.


Fundamentals: Export sales this morning came in at 1,177,000 metric tons, this compares to the range of expectations from 800,000-1,100,000 metric tons. There has not been a lot of new news this week but with next weeks USDA report we will likely start seeing some market participants tighten up positions. Early estimates for carryout are coming in from 1.7-1.8 billion bushels.


Technicals: The market ....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.


Soybeans (January)


Yesterdays Close: January soybean futures finished yesterdays session down 3 cents, trading in a range of 15 cents. Funds were estimated sellers of 4,500 contracts on the day.


Fundamentals: Export sales this morning came in at 890,900 metric tons, this compares with analyst expectations from 600,000-900,000 metric tons. The fact that the number wasnt brutally bearish may be putting more of a positive vibe into a relatively meaningless number. There have been a lot of headlines flying around over the last 24 hours regarding increased tensions again with China, this after a large tech leader in China was arrested in Canada. The original thought was that this was done by the administration for trade leverage as it would be the equivalent to Tim Cook of Apple being arrested. As it turns out, there may be an actual crime and may have nothing to do with the Administrations negotiating tactics. That was seen by late day prices, not just in soybeans but the broader market.


Technicals: 4-Star technical support (rare) held perfectly yesterday, we had outline that as 893 -897 . The market....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.


Wheat (March)


Yesterdays Close: March wheat futures finished yesterdays session down 3 cents, trading in a range of 8 cents. Funds were estimated sellers of 2,000 contracts on the day.


Fundamentals: Export sales this morning came in at 711,700 metric tons, this compares to the range of expectations from 300,000-600,000 metric tons. Wheat will be keeping an eye on corn, soybeans, and the US dollar today was we wrap up the week. Going into next week, all eyes will be on the USDA report. Early estimates for US carryout comes in from 925-985 million bushels. In yesterdays 2 Minute Drill we talked about likening the prospects of higher prices, see the technicals below.


Technicals: In yesterdays 2 Minute Drill we talked about the market trading lower the previous two sessions then rebounding in the back half of the day, we view this as....To get our full report emailed to you each morning, click HERE or email Oliver@BlueLineFutures.com.


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.