A Firm Start To The Trading Day

Corn (December)


Fundamentals: Corn futures are firm in the early morning trade, but with little new news on the wire, the trade has so far lacked conviction as we linger near some significant technical levels. Weekly export sales will be out tomorrow morning, but arguably more important in the near term will be money flow and technicals.


Technicals: Corn futures are at a bit of an inflection point, hovering near the 50% retracement (middle of the range from the March 31st lows to the May 7th high), the 100-day moving average, and trendline resistance from the contract high, 638. If the Bulls can chew through and achieve a conviction close or consecutive closes above 544-550, we could see that spark a swift move higher, adding on 10-15 cents in relatively short order. A failure against resistance takes us back to.....Click here to get our (FULL) daily reports emailed to you!

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (November)


Fundamentals: China will be back from their Golden Week holiday by tomorrow morning, which could spice up the news wires. The Bulls are wanting and needing to see some bigger and more consistent exports.


Technicals: In yesterday’s report we talked about there being a good risk/reward trade to the buy-side, based on technical indicators and market sentiment, which we noted was as bearish now as it was bullish when we were trading $1.00-$1.50 higher (Market psychology can be just as important as fundamentals and technicals). The market was able to chew through and get back out above our pivot pocket which sparked a wave of short covering, taking us near our first resistance pocket, 12.....Click here to get our (FULL) daily reports emailed to you!

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Wheat (December)


Fundamentals: Wheat futures are higher in the early morning (again), despite the historically high prices and a strengthening U.S. Dollar. Historically high prices is not a good enough reason to get married to the short side of this trade as we’ve seen many commodities this year run well beyond what they historically trade at, starting with lumber earlier in the year and more recently natural gas and cotton.


Technicals: December wheat futures retreated yesterday, closing in our pivot pocket from 744 ¾-750. This is a pocket that the bulls need to defend, a failure could lead to a full retracement of Friday’s big move higher, 733 ¼. Resistance remains intact from 7.....Click here to get our (FULL) daily reports emailed to you!

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938


Sign up for your FREE trial of our daily Grain & Livestock Market Analysis and stay ahead of the curve!



Follow us on our social media sites to stay on the pulse of our latest research and commentary!


Twitter - twitter.com/bluelinefutures

Facebook - facebook.com/BlueLineFutures

YouTube - YouTube.com/BlueLineFutures

StockTwits - stocktwits.com/BlueLineFutures

Latest blog posts - bluelinefutures.com/blog


Blue Line Futures

312-278-0500

info@Bluelinefutures.com


Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.

6 views0 comments