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Corn (December)


Fundamentals: Corn finished last week’s trade lower, putting December futures down 11 ½ cents for the week. Friday’s Commitments of Traders report showed Managed Money were net buyers of 5,854 contracts through October 5th, expanding their net long position to 250,596 futures/options (285,156 longs and 34,560 short). All eyes are on tomorrow’s USDA report, out at 11:00 AM CT. The average analyst estimate for production is 14.973 billion bushels, a hair below the 14.996 we saw in last month’s report. The average estimate for yield comes in at 176.0 bushels per acre, a drop of .3 from the previous report. Ending stocks are estimated to be near 1.432 billion bushels.


Technicals: Corn futures have been quiet to start the week, trading in a 3 ½ cent range from the Sunday night open (as of writing this). The market is lingering near our pivot pocket, 532-533. If the Bulls fail to achieve a close above this pocket, we could see a retest of the low end of the recent range and first support, 521 ¼-524. A move above the pivot pocket opens the door for.....Click here to get our (FULL) daily reports emailed to you!

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Soybeans (November)


Fundamentals: Soybeans were little changed for the week as market participants await new news to give the market new direction. That could come with tomorrow’s USDA report, out at 11:00 AM CT. The average analyst estimate has production near 4.415 billion bushels, up from the 4.374 we saw in September. The average yield estimate is 51.1 bushels per acre, up from the 50.6 bushels per acre. Friday’s Commitments of Traders report showed Managed Money were net sellers of 9,858 futures/options, trimming their net long position down to a measly 49,453 futures/options (82,105 longs and 32,652 shorts).


Technicals: Soybeans spent the majority of last week’s trade consolidating, presenting plenty of shorter-term trading opportunities for market participants on both sides of the market. The November contract made new highs for the week on Friday but failed against technical resistance (we defined that as 1259 ¾-1262 ¾) and closed at the low end of the day’s range. We think that.....Click here to get our (FULL) daily reports emailed to you!

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Wheat (December)


Technicals: Chicago wheat futures marked their highs of the week last Monday and finished Friday’s session just off the lows of the week. For the week, December wheat futures were 21 ¼ cents lower. If the Bulls fail to reclaim ground above our pivot pocket from 744 ¾-750, we could see a.....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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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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