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End of Month

• Next week starts a new trading month, which means new Seasonal Trend Alerts!  Seasonal Trends - Blue Line Futures

• Today's is the last trading day of the month which may play a continued role in price action.

• Today is also first notice day for May grain futures.  

Export Sales Summary

• Corn:  Net sales of 400,000 MT for 2022/2023 were up 28 percent from the previous week, but down 49 percent from the prior 4-week average.
• Soybeans:  Net sales of 311,300 MT for 2022/2023 were up noticeably from the previous week and up 38 percent from the prior 4-week average.
• Wheat:  Net sales of 155,700 metric tons (MT) for 2022/2023 were down 40 percent from the previous week and 7 percent from the prior 4-week average. 

Export Cancellation 

• Private exporters reported the cancellation of sales of 233,000 metric tons (9,172,802 bushels) of corn for delivery to China during the 2022/2023 marketing year.   This is the second corn cancellation from China this week, the first was on April 24th for 327,000 metric tons (12,873,417 bushels).

Temperature and Precipitation Outlook

• Temperatures in western parts of the Midwest are starting to trend warmer in the updated 6-10 day outlook.  Precipitation remains below normal levels for majority of the Cornbelt.  With that said, the weekly drought monitor (released every Thursday) isn't showing signs of concerns for corn/soybean country.
• Updated Weather Outlook & Drought Monitor - Blue Line Futures

Corn Seasonal Trend in Play The next corn seasonal starts on April 30th and is for the September contract.    Technicals (July) The market sliced right through "support" from 595-601 yesterday which triggered additional technical selling and long liquidation, taking prices into our next support pocket, 574 1/4-578.  This was the low end of the trading range from last July.  Previous support will now act as resistance, that comes in from 595-601.     Bias: Neutral/Bullish Previous Session Bias: Bullish Resistance: 615 3/4-618**, 624-628*** Pivot: 595-601  Support:  574 1/4-578***, 545-550****

Soybeans  Seasonal Trend in Play July soybeans have trended higher from March 19th-April 30th for 13 of the last 15 years.     Technicals (July) July soybean future continued to bleed lower yesterday, marking their seventh consecutive day of losses.  Unlike corn and wheat, soybeans have so far been able to defend the March lows, which is a silver lining.  Today is the last trading day of the month which may keep things interesting as we head into the weekend.     Bias: Neutral Previous Session Bias: Neutral Resistance:  1439 3/4**, 1455-1462 1/4*** Pivot:  1422-1431 Support: 1396-1402**, 1380-1385****

Wheat Seasonal Trend in Play None   Technicals (July) July Chicago wheat futures marked their seventh consecutive lower close yesterday, and this morning it is more of the same.   The RSI is at 27, we've seen it as low as 22 and 23 back in December and March.  When the market did rally off those short-term lows, we saw 70 and 50 cent rallies.  Options are a great way to gain market exposure with limited risk, especially when playing for a counter trend move.     Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance:  665-670***, 712-715***, 730-735*** Pivot: 640-650 Support: 622-625*

Next week starts a new trading month, which means new seasonal trend alerts! 

Sign up today to get our top Seasonal Trends emailed to you:  Seasonal Trends - Blue Line Futures

 

 

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Grains Soybeans Corn Wheat

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