Buy or Sell?

Grain Express

July 23, 2019

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Corn, Soybeans, Wheat


Corn (December)


Yesterdays Close: December corn futures finished yesterdays session down 10 cents, trading in a range of 11 cents. Funds were estimated sellers of 27,000 contracts.


Fundamentals: December corn futures were under pressure yesterday, erasing all the (weather uncertainty) premium that was built in ahead of the weekend. Weather came in better than expected and here we are, right back near Thursdays trade. Crop Progress came in at 57% good/excellent, down 1% from last week and 1% below expectations. Weekly export inspections came in at 438,045 metric tons, below the low end of estimates.


Technicals: The chart continues to....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 down 13 cents, trading in a range of 17 cents. Funds were estimated sellers of 10,000 contracts.


Fundamentals: Weather premium was pumped into the market on Friday and sucked back out yesterday. You can expect to see that type of volatility to continue as we forge through the crop development stages. Crop Progress showed good/excellent ratings at 54%, this was unchanged from the previous week and inline with expectations. Weekly export inspections came in at 559,462 metric tons, within the range of expectations.


Techncals: We have been....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 down 15 cents, trading in a range of 18 cents. Funds were estimated sellers of 10,000 contracts.


Fundamentals: Selling pressure persisted in wheat as harvest pressure continues to be a major headwind. Winter wheat harvest is now 69% complete. The lack of strength in the broader grain sector only added fuel to the fire. We would not be surprised to see this weakness continue over the coming weeks; we are keeping our bias as outright Bearish. Weekly export inspections came in at 433,117 metric tons, within the range of expectations.


Technicals: The market tested....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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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.