Daily Grain Express: Grains Firm in the Early Morning Trade | 5/12/2023
Posted: May 12, 2023, 7:46 a.m.
Weekly Export Sales
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Corn: Net sales of 257,300 MT for 2022/2023 were down noticeably from the previous week, but up 11 percent from the prior 4-week average.
- Soybeans: Net sales of 62,200 MT for 2022/2023 were down 79 percent from the previous week and 68 percent from the prior 4-week average.
- Wheat: Net sales of 26,300 metric tons (MT) for 2022/2023--a marketing-year low--were down 88 percent from the previous week and 86 percent from the prior 4-week average.
Flash Sale!
- Yesterday morning, private exporters reported sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2023/2024 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
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
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WheatSeasonal Trend in Play
Technicals (July) Wheat futures are higher in the early morning trade, but as a (disgruntled) member of the Bull camp, we have our expectations tempered. Despite the early morning strength, the Bulls still have their work cut out for them. 665-670 remains the big resistance pocket the Bulls want/NEED to get out above to spark a wave of short covering. That could potentially open the door for a run towards the 720 neighborhood.
Bias: Bullish/Neutral Previous Session Bias: Neutral/Bullish Resistance: 665-670***, 717-722***, 730-735*** Pivot: 640-650 Support: 600-605** |
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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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