Grain Market Update (2.21.18)

CORN (March)

Yesterdays Close:March corn futures finished 1 cents lower yesterday, trading in a range of 4 cents for the session.

Fundamentals:Export inspections yesterday morning came in at 938,099 metric tons, this was within the expected range from 800,000-1,000,000 metric tons and was above last weeks 835,131 metric tons. There has not been a lot of new news on the wires over the last 24 hours so many market participants will be looking for spill over from soybeans and wheat to lead the way. arch option expiration nFridaycould keep a lid on things for this weeks trade. Going into option expiration we like to look at strike prices that have a lot of open interest on both the puts and the calls, this can help act as a magnet into that expiration. As mentioned yesterday, 365 continues to be the strike of significance.

Technicals: The market managed to print its highest price since September 29th, and with the RSI (relative strength index) lingering near the overbought level, new buyers stepped to the sidelines. If the bulls can defend technical support, we could see the market continue towards....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

SOYBEANS (March)

Yesterdays Close:March soybeans finished yesterdays session up 4 cents, trading in a range of 14 cents for the session.

Fundamentals: Export inspections yesterday morning came in at 960,066 metric tons, this was at the top end of the expected range from 750,000-1,100,000 metric tons; last weeks inspections came in at 1,310,038 metric tons. Weather in South America continues to be the talk of the town. There has been more chatter recently that concerns in Argentina could be partially offset but a better than expected crop in Brazil, time will be the determining factor as always. We continue to believe that soybean meal could be the trigger, meaning if that tops it will ignite long liquidation in the soybeans. There doesnt appear to be any significant strikes for March option expiration on Friday.

Technicals: The market started the week on a high note but failed to attract new buyers into the market which brought prices back into our key support pocket from 1020-1027 (previously resistance). If the bulls can maintain ground above this pocket on a closing basis, we would expect to see the market work towards....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

WHEAT (March)

Yesterdays Close:March wheat futures finished the day down 8 cents, trading in a range of 14 cents on the session.

Fundamentals: Export inspections came in at 422,298 metric tons, this was within the expected range from 325,000-575,000 metric tons; last weeks inspections came in at 487,902 metric tons. Chances of rain in parts of the plains for the next week have led to some long liquidation from those who have been long over the past several weeks. If those rains play out, we could see more pressure come into the market.

Technicals:The market failed to gain traction yesterday above last weeks highs which encouraged a round of long liquidation. The market managed to close in our first support pocket which we outlined as 448 -452 . A break and close below extends the selling pressure towards....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

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