A Stick In The Mud

Corn (December)


Fundamentals: StoneX put out yield estimates yesterday, based on a customer survey. They came out with a national yield of 176.9, which is probably lower than what a lot of folks were expecting them to put out. That helped futures in the initial overnight session, but prices are back to flat into the morning intermission. The next USDA report is out on the 12th, we will have estimates compiled beforehand.


Technicals: The market continues to consolidate as the market appears tethered to the 550 level, trading that price for seven consecutive sessions. The recent price action keeps the technical levels in play for today’s session. Resistance comes in from 557 ¾-560 ¾. Support is grinding higher with the 100-day moving average, which comes in at 541...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (November)


Fundamentals: StoneX put out yield estimates yesterday, based on a customer survey. They came out with a national yield of 50.00, a notch lower than the USDA, 50.8. Next week’s USDA report will likely be revised, we will have estimates complied and emailed out beforehand. Cooler temperatures coupled with waning demand continues to be the biggest headwind for futures.


Technicals: The broke below first technical support yesterday, listed in our report as 1325 ¾-1333. In yesterday’s report we noted that “A break and close below this pocket would put our bias in Bearish territory and could open the door for technical selling to take us back to the psychologically significant $13.00 handle.”. Previous support now becomes resistance, 1325 ¾-1333. It does seem that the Bear sleuth is growing, perma-bulls (permanently bullish) are turning bearish, that is a near term caution flag...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Chicago Wheat (December)


Technicals: Chicago wheat futures gave up some ground during yesterday’s session but are working to recover those in the overnight/early morning trade. If the Bulls can chew through 749 ¾-751 ¾, we could see a run at the May 7th contract high, 770 ½. Previous resistance is now support that comes in from 723 ½-725. The Bulls have the technical advantage so long as they can defend that support pocket...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:



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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.

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