Daily Grain Technicals & Fundamentals (10.10.18)

Corn (December)

Yesterdays Close: December corn futures finished yesterdays session down 1 cents, trading in a range of 4 cents. Funds were estimated sellers of 7,000 contracts on the day.


Fundamentals: Weekly export inspections came in at 1,351,177 metric tons, this was towards the top end of expectations. Yesterdays Crop Progress report showed corn is 34% harvested, this was in line with analysts expectations. President Trump announced yesterday that E15 will no longer be banned during the summer months which is a silver lining for the longer-term picture. Tomorrows USDA report is the big-ticket item this week. Production estimates range from 14.700-14.969 billion bushels, the average estimate coming in at 14.851. The average estimate for carryout is 1.932.


Technicals: The inability to breakout above key technical resistance at 369 has invited sellers back into the market, sending prices to our first support level at 363. A break and close below here could accelerate the selling down to....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


Soybeans (November)

Yesterdays Close: November soybean futures finished yesterdays session 8 cents lower, trading in a range of 13 cents. Funds were estimated sellers of 8,000 contracts on the day.


Fundamentals: Weekly export inspections came in at 569,776 metric tons, this was towards the low end of the range. Yesterdays Crop Progress report showed soybeans are 32% harvested, slightly behind the expected pace. Market participants are gearing up for tomorrows USDA report. Production estimates are coming in from 4.623-4.890 billion bushels, the average estimate is 4.733. The average carryout estimate is .903, up from .845 last month.


Technicals: Soybeans failed to gain ground above our technical resistance pocket from 870 -875, this has invited sellers back into the market. Yesterdays session finished right on the 50-day moving average which was our first line in the sand on the support side. A move below here could encourage additional pressure back towards....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


Wheat (December)

Yesterdays Close: December wheat futures finished yesterdays session up 2 cents, trading in a range of 9 cents. Funds were estimated to have been near flat for the day.


Fundamentals: Export inspections yesterday morning came in at 423,270 metric tons, within expectations. The weekly Crop Progress report showed that winter wheat planting is now 57% complete, inline with expectations. Market participants are looking forward to getting new news from the USDA tomorrow morning. The average analyst estimate for carryout comes in at 956 million bushels, up from 935 in their September report.


Technicals: Yesterdays session didnt do much to shake up the technicals. Significant resistance remains intact from 523 -527 , this pocket represents a key retracement on the year, the 200-day moving average, and previously important price points. On the support side of things, we have our eye on 505 -506 , a break and close below here could accelerate the selling down towards....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


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