Tag: commodity trading
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Weather in Focus
Though it certainly doesn’t feel like it this week, we are inching our way closer to springtime, where weather in the U.S. will become more of a focal point for the grain markets. Here we look at current conditions, a 2-week outlook, and the National Weather Service’s 3-month outlook. Get a 2-week trial of our…
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Grains are Mixed to Start the Week
Corn and wheat futures are holding their own and trading in positive territory this morning while soybeans have slipped back into the red. Corn Technicals (May) May corn futures were able to defend 4-star support in Friday’s trade which may have helped aid relief back towards our pivot pocket from 441 3/4-444 1/2. If the…
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Will the Short Covering Rally Continue?
Friday’s Commitment of Traders report showed that Funds were net buyers of roughly 40.8k futures/options contracts, 37.5k of that being short covering. That trims their net short position to 255,928 contracts. For those wondering where prices are when Funds were that short on the way down, May corn was at 453 3/4 and Dec was…
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Can Corn Defend Support?
Corn Technicals (May) May corn futures officially fizzled out against our pivot pocket from 440-442 which may have led to some technical selling in yesterday’s trade which has brought prices back down to our 4-star support pocket from 431 1/2-433 1/4 (previously significant resistance). From a risk reward perspective, we like leaning on this pocket…
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Weekly Drought Monitor Update
The updated weekly drought monitors continue to show concerns hovering over Iowa. Approximately 36% of corn country is experiencing drought and 33% of soybean area. Yes, it is very early in the year and things can change rapidly, but this will become increasingly important as we head into the springtime. CORN SOYBEANS WHEAT Watch us…
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Weekly Export Sales Summary
This morning’s weekly export sales report was in line with expectations for corn, soybeans, and wheat. Here’s a breakdown from the USDA’s weekly report. Corn: Net sales of 1,283,400 MT for 2023/2024 were up 16 percent from the previous week and 19 percent from the prior 4-week average. Increases primarily for Japan (346,100 MT, including 110,000…
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A Mixed Morning Ahead of USDA Report
Estimates for today’s USDA report, set to be released at 11:00am CT. Need help navigating the markets and designing a hedge strategy tailored to you? Our team is here to help! Get all of Blue Line Ag Hedge’s insights, alerts, recommendations, and more delivered to your inbox! Click Here to Learn More! Corn Technicals (May) May…