Daily Grain Express Report | Grain Express | 5/10/2023
Posted: May 10, 2023, 9:49 a.m.
Export Cancellation
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Yesterday morning, private exporters reported the cancellation of sales of 272,000 metric tons of corn for delivery to China during the 2022/2023 marketing year.
USDA Report Estimates
- US Ending Stocks for 2022/2023
- Corn: 1.366 billion bushels
- Soybeans: 212 million bushels
- Wheat: 603 million bushels
- Ending Stocks for 2022/2024
- Corn: 2.094 billion bushels
- Soybeans: 293 million bushels
- Wheat: 602 million bushels
6-10 Day Weather Outlook
CornSeasonal Trend in Play
Technicals (July) Corn futures were sharply lower yesterday following another export cancellation from China. That weakness has spilled into the overnight and early morning trade. Dismal demand coupled with mostly friendly growing conditions have been and remain a major headwind. If the Bulls fail to defend our pivot pocket from 586-588, we could see the market revisit the recent lows, 569-572.
Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 595-601****, 615 3/4-618** Pivot: 586-588 Support: 569-572***, 545-550****
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SoybeansSeasonal Trend in Play
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WheatSeasonal Trend in Play
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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
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