Daily Grain Technicals & Fundamentals (10.11.18)
Oliver Sloup of Blue Line Futures - InsideFutures.com - Thu Oct 11, 7:58AM CDT

Corn (December)

Yesterdays Close:December corn futures finished yesterdays session down 2 cents, trading in a range of 3 cents. Funds were estimated sellers of 5,000 contracts on the day.


Fundamentals: The market continued to retreat yesterday as market participants tie up loose ends ahead of this mornings USDA report, giving us an updated look at world supply and demand data. Production estimates range from 14.700-14.969 billion bushels, the average estimate coming in at 14.851. The average estimate for carryout is 1.932.


Technicals: The market is continuing to work lower ahead of todays report, after failing against technical resistance for a week straight. First technical support this morning comes in from 354 -355 , a break and close below here opens the door for a run at the September 18th contract lows of 342 . On the resistance side of things, our pocket from 366-369 remains intact. If we see a breakout and conviction close above this pocket, we would expect to see....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


Soybeans (November)

Yesterdays Close:November soybeans finished yesterdays session down 8 cents, trading in a range of 17 cents. Funds were estimated sellers of 7,000 contracts on the day.


Fundamentals: All eyes will be on this mornings USDA report, released at 11 am cst. Production estimates are coming in from 4.623-4.890 billion bushels, the average estimate is 4.733. The average carryout estimate is .903, up from .845 last month.


Technicals: The market broke down below the 50-day moving average yesterday, accelerating the losses as some market participants look to square things up ahead of todays report. 850-853 will be a pivotal point as we look to towards the end of the week. If we see a conviction close above here, we would expect to see....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


Wheat (December)

Yesterdays Close:December wheat futures finished the day down 5 cents, trading in a range of 7 cents. Funds were estimated sellers of 3,000 contracts on the day.


Fundamentals: Wheat futures stumbled yesterday on continued technical weakness and a lack of bullish news to prop the market up. Position squaring ahead of todays report likely played a small role as well. The average analyst estimate for carryout comes in at 956 million bushels, up from 935 in their September report.


Technicals: The market has been forming a wedge over the past month, marking lower highs and higher lows. Technical traders typically look for this pattern to lead to a bigger directional move. Todays USDA report could be the catalyst in deciding that breakout or breakdown. We have had significant support labeled as 505 -506 , a break and close below here opens the door for a run at....Click this link for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.


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