Grain Express 10/27/22
Posted: Oct. 27, 2022, 9:25 a.m.
Watch us on RFD-TV, today at 12:45 PM CT!
Export Sales
Corn: Net sales of 264,000 MT for 2022/2023
Soybeans: Net sales of 1,026,400 MT for 2022/2023
Wheat: Net sales of 533,200 MT for 2022/2023
Deal or No Deal
United Nations aid chief Martin Griffiths said on Wednesday that he was "relatively optimistic" that a U.N.-brokered deal that allowed a resumption of Ukraine Black Sea grain exports would be extended beyond mid-November.
Russian President Vladimir Putin is likely to use the possible extension of the U.N.-brokered Black Sea grain deal as a way to gain leverage and dominate next month's G20 summit in Indonesia, a European diplomat briefed on the grain talks told Reuters. Ahead of the Nov. 19 expiry of the grain deal, which allows Ukrainian Black Sea grain exports, Russian officials have repeatedly said that there are serious problems with it.
-Reuters
The Not so Mighty Mississippi
As Mississippi River levels continue to hinder grain shipping, at least some Cargill grain terminals on the river now have stopped taking corn and soybeans.
Mike Steenhoek, executive director of the Soy Transportation Coalition said the low river conditions are a challenge for the soybean industry given how the September through February period accounts for 80% of U.S. soybean exports. -DTN
A Look at the Outside Markets
U.S. 3rd quarter GDP came in at 2.6%, .2% higher than expectations. The initial reaction from the outside markets was positive, with the Dow trading 350 points higher and the S&P 15 points better. Oil is up .75% to $88.60. The US Dollar is recovering following heavy pressure in the previous two sessions.
Corn
It's a new day, but the same story, a rangebound corn market. This has been a bit of a "trader's paradise", presenting some great short-term opportunities. The sideways trade keeps our technical support and resistance levels intact. Rather than add fluff, we will leave it at that.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Soybeans
Smack dab in the middle of the risk range, that's where soybeans are trading, yet again. The rangebound trade has been great for the nimble traders, but a headache for those looking for a breakout or a breakdown. It should be noted that the gap in January soybeans is more pronounced than that of November. That gap comes in from 1357-1362 1/4. If that pocket gives way, we could see the selling accelerate with little support until the $13.00, which is technically and psychologically significant.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Wheat
Wheat futures are finding some strength in the early morning trade, will that hold through the regular trading hours is the big question. The Bulls need to chew through our pivot pocket from 873-880 to encourage a bigger relief rally.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Sign up for a Free Trial
Start Trading with Blue Line Futures
Don't have an account with Blue Line Futures?
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
Like this post? Share it below:
Back to Insights
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Free Trial