Buy or Sell?

Corn (July)


Fundamentals: Corn futures came out of the gates like a rocket Sunday night, but that optimism faded when we got more participation on the floor open. From the 8:30 AM CST open, July futures were down 23 ½ cents for the session. Just another prime example of why you must take the overnight sessions with a grain of salt. Yesterday’s weekly export inspections came in at 1,413,000 metric tons, near the low end of estimates. Crop progress was released after the close, which showed a 4% drop in good/excellent ratings, down to 72%. The biggest decline came from South Dakota, which saw good/excellent ratings fall 21%. Weather in this part of the country will continue to be monitored very closely. With the weather being such an important and variable right now, we are seeing the new crop contract (December) make big gains against the July contract. We believe this spread can continue to narrow.


Technicals: The market traded against the psychologically and technically significant $7.00 handle yesterday but ultimately failed. The rejection did little damage to the chart, but instead just reaffirms our belief that there will continue to be plenty of opportunity for traders on both sides of the market. As mentioned last week: Bulls make money, Bears make money, Pigs get slaughtered. The everchanging forecasts will continue to influence money flow and likely..........Click this link to read the FULL report and receive our daily commentary

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Soybeans (July)


Fundamentals: Yesterday’s weekly export inspections came in at 237,0000 metric tons, within the range of expectations. Yesterday’s Crop Progress report showed good/excellent ratings at 67%, 3% below the average analyst estimate. The crop is 90% planted and 76% has emerged. North and South Dakota continue to be the concern as they have been extremely hot and dry. Weather forecasts for this part of the country will continue to be the catalyst for near-term price action. As mentioned in the corn section, we believe that the adverse weather will continue to help narrow the gap between new crop and old crop prices.


Technicals: The market was significantly higher Sunday night and Monday morning, but got taken to the woodshed when we got more participation on the floor open, trading 49 ¼ cents lower from the 8:30 AM open, to the close. This is why we ALWAYS say..........Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (July)


Technicals: As mentioned in yesterday’s report, Chicago wheat was riding the coattails of the broader grain complex. As corn, soybeans, and other wheat contracts soared, Chicago wheat was just bumping up against last week’s highs. In yesterday’s report we mentioned selling against our resistance pocket from 700-708, whether that be long liquidation or new short positions. The market has retreated back to our pivot pocket, 679 ½-681 ½, which may be a spot to consider reducing short positions if you had sold..........Click this link to read the FULL report and receive our daily commentary

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Previous Session Bias:

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Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938


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Blue Line Futures

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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.


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