Soybean Futures Retreat Yesterday As Recent Buyers Start To Take Profits

Chicago wheat pulled back yesterday and is weaker in the overnight
Corn traders attention shift back to weather and harvest reports
Grain futures market update

Grain futures market update

 

Corn (December)

Fundamentals: December corn futures finished yesterday's session on softer ground on the back of a light wave of profit-taking. We would not be terribly surprised to see this continue today, ultimately it is healthy and would likely set up as a better buying opportunity. Export sales this morning came in at 562,600 metric tons, within the range of estimates. Weather and yield reports will become increasingly important over the coming weeks.

Technicals: yesterday’s pullback and today’s early weakness is nothing to get worked up about, we continue to believe this is healthy and will represent a better buying opportunity. Previous resistance now becomes support, we see that as ... Please sign up for a Free Trial at Blue Line Futures to get our entire report emailed each morning with our complete technical outlook and actionable bias and levels. 

 

Soybeans (November)

Fundamentals: November soybean futures retreated yesterday as recent buyers started to take some profits. As with corn, attention will start to shift back to weather and harvest reports over the coming weeks. Export sales this morning came in at 2,080,000 metric tons, above the top end of estimates.

Technicals: If you reduced against technical resistance earlier this week, you may want to consider waiting for more of a pullback before getting that exposure back on. Support is at ... 

 

Chicago Wheat (December)

Fundamentals: Chicago wheat pulled back yesterday and is weaker in the overnight/early morning trade, in tandem with the broader grain complex. Weekly export sales came in at 328,500 metric tons.

Technicals: The market and as tested and has so far held first technical support, we have had that defined as ... Please sign up for a Free Trial at Blue Line Futures to get our entire report emailed each morning with our complete technical outlook and actionable bias and levels. 

 

 

About the Author

Blue Line Futures, is a leading futures and commodities brokerage firm offering discounted personalized service and futures and commodity research.