Can Grain Markets Continue Higher?
Oliver Sloup of Blue Line Futures - InsideFutures.com - Mon Jun 17, 8:02AM CDT

Grain Express

June 17, 2019

|

Corn, Soybeans, Wheat


We will be on RFD-TV at 9:45cst!


Corn (July)


Fundamentals: Cool and wet weather throughout the corn belt over the weekend has led to a firm start to the trading week. The weekly crop progress will be released later this afternoon (after the close) and is expected to show corn planting 95% complete. Expectations for crop conditions are 60% good/excellent, up 1% from the previous week. Fridays Commitment of Traders report showed funds holding a net long position of 111,212 contracts through June 12th, increase from 87,243 in the previous week. Real time estimates have funds long 207,000 contracts. Our bias remains outright Bullish as we enter uncharted territory and 5-year highs.


Technicals: Have we gone too far too fast?....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com


Soybeans (July)


Fundamentals: Wet weather throughout the Midwest continues to delay planting for corn and is starting to become a growing question market for beans. After the USDA left production numbers unchanged in last Tuesdays report, we changed our bias to bullish. As wet weather persists, it seems unlikely that those production would not be walked back. The market is massaging those reductions into the market as we speak. Weekly crop progress numbers will be out this afternoon, after the close, expectations are for the crop to be 80% planted, up from 60% last week. Fridays Commitment of Traders report showed funds holding a net short position of 91,155 contracts through June 11th, real time estimates have them net short 57,155 contracts.


Technicals: First technical resistance to start the week comes in from....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com


Wheat (July)


Fundamentals: Wheat futures are working on the sixth consecutive session of gains, thanks to broad based buying in the grain sector and weather concerns in key wheat growing areas like Australia and the Black Sea region. Overall money flow remains positive and that is one reason we have our bias as Bullish/Neutral, but if money flow halts in the grains wheat could be the first to turn which is the Neutral (caution flag) in our bias.


Technicals: Higher lows and higher highs have been....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com


Sign up for a FREE trial of 1 or all 4 of our daily commodity reports!

-Grains

-Livestock

-Currencies

-S&P, Oil, Gold

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.