---

It was a mixed day in the grain markets today with corn and wheat drifting lower while beans were able to hang on to post a small gain.  At the close, new crop December corn was 7 cents lower, settling at 493 ½, the lowest settlement since July 12th.  September Chicago wheat finished the session 13 cents lower to 627, the lowest settlement since the first week of June.  November soybeans finished the day 4 cents higher to settle at 1325 ¼.  

Demand for corn, or lack there of, continues to be a big concern for the market.  This mornings weekly export sales report showed net sales for marketing year 2022/2023 at 107,500 metric tons, this was below the low end of estimates.  New crop exports were reported at 348,900 metric tons, this was in line with estimates.  Soybean exports came in at 90,600 metric tons for marketing year 2022/2023, in line with expectations.  New crop export sales were reported at 2,631,000 metric tons, this was above the top end of expectations. 

The most recent 6-10 day outlook shows cooler than normal temperatures for much of the Midwest accompanied by above normal precipitation levels.  If realized, this may provide some support to crop conditions for corn and soybeans, which could be viewed as a headwind for the markets.  

---

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