Opportunity In Grain Markets
Oliver Sloup of Blue Line Futures - InsideFutures.com - Thu May 16, 8:18AM CDT

Grain Express

May 16, 2019

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Corn, Soybeans, Wheat


We will be on RFD-TV at 12:45cst


Corn (July)


Yesterdays Close: July corn futures finished yesterdays session unchanged, trading in a range of 12 cents. Funds were estimated buyers of 18,000 contracts.


Fundamentals: The market started yesterdays session on a high note but spent the rest of the day retreating as the net long producers took advantage of the huge 3-day rally. Weather concerns linger which offers a friendly backdrop for prices. Export sales this morning came in at 634.1tmt, within the range of expectations. Yesterdays weekly EIA ethanol report showed production at 1.051 million barrels per day, up from 1.036.


Technicals: The market worked....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com


Soybeans (July)


Yesterdays Close: July soybean futures finished yesterdays session up 5 cents, trading in a range of 21 cents. Funds were estimated buyers of 5,500 contracts.


Fundamentals: The market filled the gap as short covering continued to support grain prices in yesterdays session. Secretary Mnuchin said he may be visiting China soon, there wasnt any details or conviction in that statement. NOPA crush came in at 159.99 million bushels, shy of the expectations, 161.607 million bushels. Export sales this morning came in at 674.3 tmt, within the range of expectations.


Technicals: The market filled....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com


Wheat (July)


Yesterdays Close:July wheat futures finished yesterdays session down 2 cents, trading in a range of 17 cents.


Fundamentals: Short covering in the grains helped support wheat futures early on but was met by sellers against technical resistance. Export sales this morning came in at 533.9 tmt, towards the top end of expectations. We will continue to keep a close eye on money flow and technicals as those two will be leading drivers for the remainder of the week.


Technicals: The market....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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