Oliver Sloup breaks down the trading day in grain futures markets.
Corn futures broke lower yesterday after failing to find a bullish fundamental catalyst in USDA report. We look to buy with the expectations that we see a technical double bottom and then demand shift by the turn of the year.
Yesterday’s USDA report lived up to the expectations, a total snoozer.
An update on agriculture futures markets to start the week from Blueline Futures.
Oliver Sloup breaks down the trading day in grain futures markets.
January soybean futures managed to rebound yesterday on positive trade headlines and technical relief.
January soybeans closed lower for their 8th consecutive session on the back of fund selling and negative reports on trade with China. President Trump stated that it may be better if they wait to make a deal after the 2020 election.
Wheat futures caught a bid on Friday on decent volume and many reporting concerns over winter weather sweeping through the Midwest. The fundamentals are relatively mute in wheat as it appears money flow and technicals are the driving factors near term.
Futures continued to tumble on technical weakness and favorable weather in South America, which is expected to have a big crop. There have been some whispers from an analyst at a large bank that a Phase 1 trade deal could get done over the weekend.
Yesterday’s weekly Crop Progress report showed that corn harvest is 84% complete, 1% behind expectations and 11% behind the 5-year average.