Grain Market Update

Grain Express

April 12, 2019

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Corn, Soybeans, Wheat


Corn (May)


Yesterdays Close: May corn futures finished yesterdays session down 1 cents, trading in a range of 4 cents.


Fundamentals: Export sales came in at 547,962 metric tons, below the low end of expectations, poor enough to keep a lid on any rally attempt. Funds have retained a solid net short position for some time now and seem to believe that the market conditions are bearish until proven bullish. Weather conditions have been less than ideal, but it has yet to show a meaningful effect on the prospects of a good crop. Good sub soil moisture levels offset concerns of potential delays. We think there will be opportunity for this market to work higher, it just may take more time than people want.


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


Soybeans (May)


Yesterdays Close: May soybean future finished yesterdays session down 6 cents, trading in a range of 10 cents.


Fundamentals: Export sales came in at a dismal 280,356 metric tons, well below the low end of estimates at 800,000 metric tons. This alone was enough to put pressure on prices yesterday, throw in the lack of positive trade news and youve got a firm lid on the market. If weather delays for corn start to gain traction, we could start to see a shift in acres too. Needless to say, the bulls have their work cut out for them.


Technicals: Soybean futures worked towards our first support pocket yesterday, we had defined that as 891-894 , a buying opportunity for those who are bullish. The bulls need to see....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com.


Wheat (May)


Yesterdays Close:May wheat futures finished yesterdays session up 4 cents, trading in a range of 5 cents.


Fundamentals: Export sales yesterday morning came in at 474,375 metric tons, towards the low end of expectations. Wheat managed to rally on short covering and spillover strength from Minneapolis spring wheat, where concerns loom over delayed planting. Technical support also encouraged some buying activity.


Technicals: In yesterdays report we said....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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