Grain Express 11/03/22
Posted: Nov. 3, 2022, 8:22 a.m.
|
Watch us on RFD-TV, today at 12:45 PM CT! Updated Yield Estimates StoneX, one of the FCM's we do business with, released their updated yield estimates for corn and soybeans. They have their corn yield at 174.5 bushels per acre, up from 173.9 bushels last month. That brings their production estimate from 14.056 billion bushels to 14.109. Their soybean yield is estimated to be at 50.9 bushels per acre, down from 51.3 bushels in last month's survey. This drops their production estimate from 4.442 to 4.413 billion bushels. Weekly Export Sales Corn: Net sales of 372,200 MT for 2022/2023 Soybeans: Net sales of 830,200 MT for 2022/2023 Wheat: Net sales of 348,100 metric tons (MT) for 2022/2023 Ukraine Grain It is being reported that 7 more vessels have left Ukrainian ports this morning, bringing the total number of vessels that have moved through the grain corridor to 430. A Look at the Outside Markets Equity markets surged on the Federal Reserves prepared statement yesterday but rolled over hard during the press conference where Fed Chair Jerome Powell made it clear that there was no pivot or pause. That weakness has rolled over into additional pressure in the overnight and early morning trade. The U.S. Dollar is at trading back near 113. We were sub 110 just about a week ago. |
Corn
December corn futures are back to testing yesterday's low and the 50-day moving average, both of those come in from 680-680 1/2. There is additional support near the mid 670's, which represents the mid-October lows. The market is still rangebound but is starting to feel like it's overdue for a bigger directional move.
Coming Soon: Seasonal Trend Alert for March Corn that starts on November 16th. Contact us for more information.
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
Soybeans were lower to start yesterday's session but were able to claw back losses to finish the session in positive territory, marking the highest close since September 22nd. Our resistance pocket remains intact from 1454 1/4-1462 1/4. If the market can chew through this pocket, we could see technical buying spark another move higher, with little technical resistance until you get near the technically and psychologically significant $15.00 market.
Coming Soon: Seasonal Trend Alert for March Soybeans that starts on November 16th. Contact us for more information.
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
December Chicago wheat futures have retreated back to last week's levels which makes sense with the headlines offsetting each other. We've kept our bias at Neutral and noted in previous reports that if you don't need to trade wheat, then you really don't need to. That may come across as boring and that's ok, but we prefer to use the term prudent.
Upcoming Seasonal Trend: Bearish March Chicago Wheat from November 4th to November 19th. This has played out for 13 of the last 15 years.
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