Fundamental Snapshot
Weekly Export Sales
Corn: Net sales of 57,900 MT for 2021/2022 were down 62 percent from the previous week, but up 31 percent from the prior 4-week average. Net sales of 256,700 MT were reported for 2022/2023.
Soybeans: Net sales reductions of 11,000 MT for 2021/2022 were down 81 percent from the previous week and 90 percent from the prior 4-week average. Net sales of 410,600 MT were reported for 2022/2023.
Wheat: Net sales of 249,900 metric tons (MT) for 2022/2023 were down 39 percent from the previous week and 55 percent from the prior 4-week average.
Ukraine Production
Ukraine’s Prime Minister said on Wednesday that their harvest could be in the ballpark of 65-67 million tonnes. This would be a decline of roughly 20% from the previous year, which all things considered doesn’t sound too bad.
Ukraine Exports
There are 17 more vessels ready to leave ports in Ukraine, but there has not been a timeline established for departures. Those involved with the export deal have noted that it may take a few weeks for things to start picking up.
Technical Landscape
Corn
Technicals (September): Corn futures worked into the gap yesterday, which we used as our 4-star support pocket, 580 ¾-586 ¼. Though the gap was not all the way filled, the price action was friendly enough to move our short-term bias back into bullish territory. A break and close below that support pocket would likely move our bias back into bearish territory as it could take us back to the July 22nd low, 561 ¼. Upside objectives for the Bulls; 6.00. If the market can achieve consecutive closes back above $6.00 we could see a retest of our first resistance pocket, 624-630.
Bias: Bullish/Neutral
Previous Session Bias: Bearish/Neutral
Resistance: 624-630***, 645-652 ½***
Pivot: 600
Support: 580 ¾-586 ¼****, 561 ¼**, 542 ¼-547 ¾***
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 Sales
Corn: Net sales of 57,900 MT for 2021/2022 were down 62 percent from the previous week, but up 31 percent from the prior 4-week average. Net sales of 256,700 MT were reported for 2022/2023.
Soybeans: Net sales reductions of 11,000 MT for 2021/2022 were down 81 percent from the previous week and 90 percent from the prior 4-week average. Net sales of 410,600 MT were reported for 2022/2023.
Wheat: Net sales of 249,900 metric tons (MT) for 2022/2023 were down 39 percent from the previous week and 55 percent from the prior 4-week average.
Ukraine Production
Ukraine’s Prime Minister said on Wednesday that their harvest could be in the ballpark of 65-67 million tonnes. This would be a decline of roughly 20% from the previous year, which all things considered doesn’t sound too bad.
Ukraine Exports
There are 17 more vessels ready to leave ports in Ukraine, but there has not been a timeline established for departures. Those involved with the export deal have noted that it may take a few weeks for things to start picking up.
Technical Landscape
Corn
Technicals (September): Corn futures worked into the gap yesterday, which we used as our 4-star support pocket, 580 ¾-586 ¼. Though the gap was not all the way filled, the price action was friendly enough to move our short-term bias back into bullish territory. A break and close below that support pocket would likely move our bias back into bearish territory as it could take us back to the July 22nd low, 561 ¼. Upside objectives for the Bulls; 6.00. If the market can achieve consecutive closes back above $6.00 we could see a retest of our first resistance pocket, 624-630.
Bias: Bullish/Neutral
Previous Session Bias: Bearish/Neutral
Resistance: 624-630***, 645-652 ½***
Pivot: 600
Support: 580 ¾-586 ¼****, 561 ¼**, 542 ¼-547 ¾***
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.