Did We Mark A Harvest Low?

Corn (December)


Fundamentals: Yesterday morning, the USDA announced a flash sale of 161,544 metric tons for delivery to “unknown destinations” for the 2021/2022 marketing year. Due to the government holiday earlier in the week, weekly export sales are pushed back to tomorrow morning. Seasonally, we try to carve out a low this time of year. That coupled with some technical indicators, we like inching our bias into Bullish territory as a good risk/reward trade presents itself.


Technicals: Technical support pockets gave way like a warm knife on butter yesterday, as fund liquidation fed on itself. 497 ½-507 has been tested and held, three times since May, yesterday marks the fourth “hold”. This is a wider support pocket than we would like to use, but there are.....Click here to get our (FULL) daily reports emailed to you!

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Soybeans (November)


Breaking: Private exporters reported sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.


Fundamentals: Yesterday morning, the USDA announced two flash sales. The first one was 330,000 metric tons of soybeans for delivery to China for the 2021/2022 marketing year. The other was 198,000 metric tons of soybeans for delivery to “unknown destinations” for the 2021/2022 marketing year. Due to the government holiday earlier in the week, weekly export sales are pushed back to tomorrow morning. Seasonally, we try to carve out a low this time of year. That coupled with some technical indicators, we like inching our bias into Bullish territory as a good risk/reward trade presents itself.


Technicals: Soybean futures tested and held our 4-star support pocket, 1180-1185 ½. As mentioned in yesterday’s report: “We would not be surprised to see the market defend this pocket on the first test, not to form a market bottom, but to find some technical relief in the bear market.”. The market has found relief back to our pivot pocket, 1194 ¾-1200. If the Bulls can achieve a close above this pocket, we could see.....Click here to get our (FULL) daily reports emailed to you!

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Wheat (December)


Technicals: Wheat futures were under pressure yesterday, erasing the momentum from the “friendly” USDA report. As mentioned in yesterday’s commentary: “Sure, the report was friendly, but it may not be enough to keep prices at these elevated levels.”. If the Bears can continue to defend technical resistance, we could see prices retreat back towards.....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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