Grain Traders Turn Attention To Money Flow and Next Weeks WASDE Report

Technical resistance in Soybean futures
Pay attention next week to Thursday’s WASDE report
Grain futures market update

Grain futures market update

Corn Futures (December)

Fundamentals: Corn futures were little changed yesterday as the market settles back into a relatively tight range. Export sales came in at 562,600 metric tons, this was within the range of estimates. Weather and harvest reports will continue to be the focus into and through the weekend, then attention will turn to next Thursday’s WASDE report, we will have estimates out beforehand.

Technicals: The pullback in prices over the last few sessions have been textbook and is healthy for the market. We continue to believe that the setback will provide an opportunity to consider adding long exposure back on at better prices. 377-381 ½ is the pocket we are keeping an eye on.

Bias: Bullish/Neutral

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Soybeans Futures (November)

Soybeans (November)

Fundamentals: Soybean futures started strong yesterday on a great export sales number, 2,076,200 metric tons. Technical resistance was too much and profit-taking brought prices back into negative territory. Weather and harvest reports will continue to be the focus into and through the weekend, then attention will turn to next Thursday’s WASDE report, we will have estimates out beforehand.

Technicals: The market has retreated off technical resistance, a healthy development on the back of a huge run on Monday and Tuesday. 899-906 ¾ is the pocket we will be......

Wheat Futures (December)

Chicago Wheat (December)

Fundamentals: Export sales yesterday morning came in at 328,500 metric tons, nothing to write home about. Money flow and technicals will continue to be our focus as we look to round out the week, but attention next week will be on Thursday’s WASDE report. We will have estimates out by mid-week.

Technicals: With yesterday’s little changed session, technicals also remain little changed. The market and as tested and has so far held first technical support, we have had that defined as 483-486 ¾......Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

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