Daily Grain Express | Grain Express | 5/10/2023
Posted: May 11, 2023, 7:34 a.m.
Export Sales Estimates
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Corn: 100,000-800,000 metric tons
- Soybeans: 150,000-500,000 metric tons
- Wheat: 75,000-300,000
Ethanol Production
- Weekly ethanol production was reported at 965,000 barrels per day, that's down 11,000 barrels from last week and down 26,000 from last year. Ethanol stocks fell to a five-month low.
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
Corn
Seasonal Trend in Play
- September corn futures have trended lower for 12 of the last 15 years from 4/30-6/24.
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SoybeansSeasonal Trend in Play
Technicals (July) The inability to sustain ground above "no man's land" (see chart below) has led to continued pressure over the last two sessions. That has brought prices down into our support pocket from 1396-1402. From a risk/reward standpoint, this may be an opportunity for the Bulls. For the Bears, it may be an opportunity to reduce short exposure. If the support pocket gives way, the next downside target would be 1380-1385.
Bias: Neutral Previous Session Bias: Neutral Resistance: 1439 3/4-1446 3/4***, 1458-1462*** Pivot: 1425-1435 Support: 1396-1402***, 1380-1385****
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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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