Corn Futures Continue to Consolidate
Fundamental Spotlight:
Weekly Export Inspections
Corn: 661,658 metric tons; in line with analysts' estimates
Soybeans: 575,220 metric tons; in line with analysts' estimates
Wheat: 667,577 metric tons; above analysts' estimates.
Crop Progress
Corn: 20% harvested, this was within the range of estimates, 7% behind last year's pace
Soybeans: 22% harvested; this is a faster pace than expectations, but 9% behind last year's pace.
A Look at the Outside Markets
The dollar is continuing to retreat, trading back to one of the September 23rd breakout point near 111. If the dollar continues to retreat it may offer some support to commodities. Oil is approaching yesterday's high and equity markets are continuing to rally, trading roughly 2% higher this morning.
Technical Snapshot:
Corn
December corn futures were able to gain some ground to start the week, but the overall performance was still less than impressive considering the risk-on trade in other markets. The market is right in our pivot pocket this morning, we've outlined that as 678-682. A close above here could spark a move back towards resistance, we see that coming in from 698-700. We have been in and remain in the camp that believes there will be short term trading opportunities for participants on both sides. A break above resistance or below support would likely change that theses as we could see the market take more of a direction, other than sideways.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 698-700**, 725 3/4-728 1/4****
Pivot: 678-682
Support: 665-668 1/2***, 647 1/4-650 1/4****
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.
Weekly Export Inspections
Corn: 661,658 metric tons; in line with analysts' estimates
Soybeans: 575,220 metric tons; in line with analysts' estimates
Wheat: 667,577 metric tons; above analysts' estimates.
Crop Progress
Corn: 20% harvested, this was within the range of estimates, 7% behind last year's pace
Soybeans: 22% harvested; this is a faster pace than expectations, but 9% behind last year's pace.
A Look at the Outside Markets
The dollar is continuing to retreat, trading back to one of the September 23rd breakout point near 111. If the dollar continues to retreat it may offer some support to commodities. Oil is approaching yesterday's high and equity markets are continuing to rally, trading roughly 2% higher this morning.
Technical Snapshot:
Corn
December corn futures were able to gain some ground to start the week, but the overall performance was still less than impressive considering the risk-on trade in other markets. The market is right in our pivot pocket this morning, we've outlined that as 678-682. A close above here could spark a move back towards resistance, we see that coming in from 698-700. We have been in and remain in the camp that believes there will be short term trading opportunities for participants on both sides. A break above resistance or below support would likely change that theses as we could see the market take more of a direction, other than sideways.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 698-700**, 725 3/4-728 1/4****
Pivot: 678-682
Support: 665-668 1/2***, 647 1/4-650 1/4****
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.
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