Is Sideways the New Trend? | Grain Express | 5/16/2023
Posted: May 16, 2023, 7:39 a.m.
Crop Progress
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Corn: 65% planted, 3% behind the average guess, but still well ahead of last year's pace (45%) and the 5-year average pace (59%). 30% of the crop is emerged.
- North Dakota is the state that is severely lagging (similar to last year) at just 5% complete. Their 5-year average pace is 26%
- Soybeans: 49% planted, 2% behind the average, but well ahead of last year's pace (27%) and the 5-year average (36%). 20% of the crop is emerged.
- As with corn, North Dakota is the big laggard at just 2% planted, 13% behind the 5-year average pace.
- Wheat
- Spring wheat is 40% planted, 1% ahead of the average guess.
- Winter wheat good/excellent conditions are at 29%, unchanged from last week. 41% of the crop is rated poor/very poor, 3% better than last week.
Black Sea Grain Deal
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The U.N. aid chief said on Monday efforts will continue in coming days to extend a deal allowing the safe Black Sea export of Ukraine grain, a pact Russia has threatened to quit on May 18 over obstacles to its grain and fertilizer exports.
The final two ships are due to leave Ukrainian ports on Tuesday under the Black Sea deal, said a U.N. spokesperson. -Reuters
Weather Outlook Maps
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
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Bias: Bullish Previous Session Bias: 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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