Grain Express 11/16/22
Posted: Nov. 16, 2022, 9:27 a.m.
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Flash Sales Private exporters reported the following sales activity:
Stray Missile Grain markets popped higher yesterday afternoon on the back of news that a Russian missile killed two people in Poland, which would be a major escalation. Reports late yesterday were that it was not a planned attack by Russia. US officials say it was a stray missile fired by Ukraine. |
Corn
December corn futures were threatening a technical breakdown but were saved by a headline and the 100-day moving average. The market popped back higher on news that a Russian missile killed two people in Poland, which would be a major escalation. Reports late yesterday were that it was not a planned attack by Russia. US officials say it was a stray missile fired by Ukraine. That has led to some risk premium evaporation in the overnight trade. Yesterday we talked about the risk reward favoring the buyside against support from 647 1/4-652 3/4. That bias remains intact. A break and close below support would neutralize and potentially flip that bias to bearish.
Seasonal Trend in Play: March corn futures have trended higher from November 16th to January 4th for 13 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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Soybeans
Seasonal Trend in Play: March soybeans have trended higher from November 16th to January 9th for 14 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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Wheat
Seasonal Trend in Play: Bearish March Chicago Wheat from November 4th to November 19th. This has played out for 13 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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