China Buys The Dip


(Above: 10.14.21 interview with RFD-TV)

Corn (December)

Fundamentals: This morning’s weekly export sales report showed net sales of 1,039,900 MT for 2021/2022 were down 18 percent from the previous week, but up 85 percent from the prior 4-week average.

Technicals: In yesterday’s report we talked about moving our bias from outright Neutral, into bullish territory. This was based on several technical indicators, market sentiment, and seasonality. Significant support from 497 ½-507 was tested and held, for the fourth time since the middle of May. As mentioned in yesterday’s interview with RFD-TV, this is a wider support pocket than we would typically use, but it is SIGNIFICANT. Buying into a support pocket like that gives you a good risk/reward trade. A break and close below that pocket and it’s time to take your medicine and move on. The overall sentiment has been bearish for the last few weeks and Tuesday’s USDA report was the cherry on top. That coupled with harvest being over the halfway point, what more bearish news can be thrown at the market in the very near term? Not a lot, shifting the risk to the upside. Does that mean a long-term bottom is in? No. But conditions were ripe for a relief rally, which has brought prices back to our pivot pocket, 519-521. If the Bulls can chew through this pocket, we could see an extension towards.....Click here to get our (FULL) daily reports emailed to you!

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Pivot:

Support: Soybeans (November)

Breaking:

  • 396,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year

  • 326,750 metric tons of soybeans received during the reporting period for delivery to unknown destinations during the 2021/2022 marketing year

  • 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year

Fundamentals: This morning’s weekly export sales report showed net sales of 1,147,800 MT for 2021/2022 were up 10 percent from the previous week and 9 percent from the prior 4-week average. Yesterday morning, the USDA announced a flash-sale of 132,000 metric tons of soybeans for delivery to “Unknown Destinations” for the 2021/2022 marketing year.

Technicals: As with corn, we moved our soybean bias into Bullish territory in yesterday’s commentary, for similar reasons to corn. Significant technical support held, we’ve had that defined as 1180-1185 ½, this pocket goes back to March when the market started its rocket-propelled rally. We see technical resistance from.....Click here to get our (FULL) daily reports emailed to you!

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Previous Session Bias:

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Support: Wheat (December)

Fundamentals: This morning’s weekly export sales report showed net sales of 567,600 metric tons (MT) for 2021/2022 were up 70 percent from the previous week and 42 percent from the prior 4-week average.

Technicals: The market was able to recover some of Wednesday’s losses in yesterday’s session and have finished recovering those losses in the early morning session. The market has worked its way back into our pivot pocket, which we have defined as 730-733 ¼. A close above this pocket would.....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


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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. Past performance is not necessarily indicative of future results.

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