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Grain market recap

In this morning’s daily grain report (sent out at 7:30am) we changed our bias to outright Bullish for wheat, which was trading near unchanged.  The fact that wheat was holding better than corn and beans started to signal exhaustion on the downside.  That coupled with the fact that Funds are holding their largest net short position in over 5-years leaves risk of a high velocity move to the upside once short covering starts. 

A headline that the Kremlin was attached overnight was the spark that ignited that short covering today.  For the day, July wheat futures were 30 ½ cents higher, settling at 639 ¾.  The July KC Contract finished the day 44 ¾ cents higher settling at 785.

Corn and soybeans were beneficiaries of the strength in wheat.  Corn was able to recover the early morning losses and then some, with the July contract settling 8 ½ cents higher to 588 ½.  The new crop December contract was 10 ¾ higher, settling at 530 ½.

July soybeans were 6 ¾ cents higher, settling at 1417-4, well off the early morning low of 1392 ¼.  The new crop November contract settled a nickel higher to 1272 ¼. 

 

On the livestock side

It was another down day in livestock markets.  June live cattle finished the day 1.25 lower, settling at 161.65.  August feeder cattle finished the session down 2.65, settling at 223.525.    June lean hogs settled at 88.00, that was 1.95 lower on the day.

 

 

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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