A Weak Start To The Week

Watch us on RFD-TV, today at 9:45 AM CT! Corn (December)

Fundamentals: Weekend weather and updated forecasts look beneficial for some key growing areas which has put a headwind in the market to start the week. Though weather remains important, it will be less of a factor as we continue to roll through the month. The big-ticket item this week is Thursday’s USDA report. The average analyst estimate for the U.S. corn yi8eld is 177.6 bushels per acre. Ending stocks are estimated to be near 1.297 billion bushels. Crop progress will be out after the close, expectations are for steady ratings to a slight decline.

Technicals: December corn futures were 11 ¼ cents higher for the week, though still technically rangebound. Resistance comes in from 557 ¾-560 ¾. Support comes in from 539 ½-541. A conviction close or consecutive close above or below these levels could lend hand to a bigger directional move. A move to the upside could open the door for another run at the July 6th gap, 573 ½. A break below opens the door for a drop towards 507-514 ¼...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

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Support: Soybeans (November)

Fundamentals: November soybeans opened slightly higher on the Sunday night open but have drifted off as a risk-off sentiment in the broader commodity complex takes hold. Thursday’s USDA report will be what traders will be focused in on this week, that will be out at 11:00 AM CT. The average estimate for the U.S. soybean yield is 50.4 bushels per acre. Ending stocks are estimated to come in near 159 million bushels. Crop progress will be out after the close, expectations are for steady ratings to a slight decline.

Technicals: Despite three consecutive positive closes to end last week’s trade, new crop beans were down 12 ½ cents for the week. Previous support acts as resistance/pivot pocket, which comes in from 1325 ¾-1333. The Bulls need to achieve consecutive closes above or a conviction close above this pivot pocket to neutralize the technical damage that was done last Tuesday...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Chicago Wheat (December)

Techncials: Chicago wheat futures were impressive last week, finishing up 20 ¼ cents. The breakout point from last Monday remains support, which was tested and held on Thursday and Friday, coming in from 723 ½-725. The Bulls have the technical advantage so long as they can continue to defend this 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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