---

Grain markets were sharply higher across the board in today’s trade.  New crop December corn futures finished the day 25 ¼ cents higher, settling at 574 ½, the highest closing prices since February 27th.  New crop November beans finished the day 52 ¼ settling at 1292 ¼.  Today’s high came of 1295 came right inline with the 100-day moving average.  Wheat futures were not only able to join the rally, but they led the rally, on a percentage basis. July Chicago wheat futures finished the day 31 ¼ cents higher, settling at 661 ½. 

Today’s strength may have been spurred by continued concerns over drought conditions throughout many key growing areas in the United States.   Forecasts are ever changing, but right now, it looks as though dry conditions could persist.  On top of that, we have a three-day weekend ahead of us, which may be adding premium to the market.  A reminder that grain markets will be closed on Monday in observance of Juneteenth. 

Demand has been a headwind for the market over the last several months, but that may be starting to change.  This morning’s weekly export sales report was strong for corn and beans.  Net sales for corn were reported at 273,300 metric tons, or about 10.7 million bushels, that was 58% more than the previous week and up noticeably from the 4-week average.   Net sales for soybeans were reported at 478,400 metric tons or about 17.5 million bushels

 

Click the Green Button Below to Open an Account!

---

Sign up for a 14-day, no-obligation free trial of our proprietary research with actionable ideas!
Free Trial Start Trading with Blue Line Futures Subscribe to our YouTube Channel
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!

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

Grains

Like this post? Share it below:

Back to Insights