Daily Ag Market Commentary

Watch us on RFD-TV, today at 12:45 PM CST!

*Due to the abbreviated trading week, weekly export sales will be out Friday morning. Corn (July)

Fundamentals: Corn futures are higher in the early morning trade as some of the beneficial rains dissipate from some forecasts. It is officially that time of year where weather will be driving the markets and you can expect to see gaps one way or the other on Sunday nights.

Technicals: Corn futures continued to provide opportunity to traders on both sides of the market, trading in a 28 ¼ cent range, yesterday. In the overnight, we are trading in a 10-cent range, with little new news on the wire. First resistance remains intact, that comes in from 691-696 ¾. If the Bulls chew through this pocket with conviction, we could see an extension back above the psychologically significant $7.00 handle and a potentially another attempt at contract highs, 735 ¼. Support comes in from 660 ¾-666. A break and close below there could spark some additional long liquidation, opening the door for a retest to the low end of the recent range, 620s. This environment can be tough for participants who are looking for a bigger directional trade, but there has been plenty of opportunity for both buyers and sellers who are trading on a shorter time frame..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Soybeans (July)

Fundamentals: Dry weather and a tight balance sheet continue to offer support to the soybean market. As mentioned in the corn section, weather will be one of the main drivers for the foreseeable future. Soybean oil has been leading the charge in the soy complex this week.

Technicals: July soybean futures continued to firm in yesterday’s session, closing near the top end of the day’s trading range. That momentum spilled into the overnight session and has held through the early morning trade, with prices trading in a 23 ¾ cent range, reaching their highest price in over two weeks. The overnight sessions should continue to be taken with a grain of salt, not to say that the market cannot hold the strength, but to say that it is tougher to get a read on price when participation is minimal; volume generally confirms price..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Chicago Wheat (July)

Technicals: Chicago wheat futures were choppy yesterday, trading in a 20-cent range. The market tested resistance for the second consecutive session and failed, we outlined that as 700-708 ¾ in recent reports and Tech Talks. We also mentioned selling into this pocket on the first test, well now we are making an attempt at a third test, though we still like the idea, each time a level is tested it diminishes the significance, which lowers our conviction..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:



Live Cattle (August)

August live cattle managed to claw back into positive territory for the week, which in a year of unexpected market movements, this one makes the short list for most unexpected (at least for us). JBS is still trying to get back up to speed with some plants coming back online under some capacity, we are not so sure that they are out of the woods just yet. Technical levels remain intact for today’s session. Cash trade started has come in mostly steady this week, 119-120..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Feeder Cattle (August)

August feeder cattle rallied to the 100-day moving average yesterday, trading as much as 7.95 off the lows from the beginning of the week. Grain markets are firm in the early morning trade, this may put a headwind in prices right out of the gate, but it seems that there is some solid underlying strength in the feeder complex..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Dairy

Currently Class IV quarterly averages are trading higher than the settlement average for the next 5 quarters looking at 3-year historical data. For the first half of 2022, they are trading higher on a 10-year average. Most producers now have more class IV risk with the Class I mover average as opposed to the higher of number a couple years ago. Placing hedges in Class IV is more difficult than other commodities due to lack of liquidity. Let’s discuss strategies if interested in getting short hedges in place at these levels..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938


Sign up for your FREE trial of our daily Grain & Livestock Market Analysis and stay ahead of the curve!



Follow us on our social media sites to stay on the pulse of our latest research and commentary!


Twitter - twitter.com/bluelinefutures

Facebook - facebook.com/BlueLineFutures

YouTube - YouTube.com/BlueLineFutures

StockTwits - stocktwits.com/BlueLineFutures

Latest blog posts - bluelinefutures.com/blog


Blue Line Futures

312-278-0500

info@Bluelinefutures.com



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.

19 views0 comments

Recent Posts

See All