• Oliver Sloup

Grain & Cotton Express

Corn (May)


Fundamentals: May corn futures caught a bid yesterday after threatening to break below support at the end of last week. Spill over strength for the strength in wheat was a clear tailwind to start this week’s trade. Yesterday’s export inspections came in at 502,000 metric tons, within the range of expectations. As mentioned in yesterday’s report, March option expiration is on Friday and there is a lot of open interest in calls from 380-390, which could keep a lid on a

meaningful rally.


Technicals: The market was on the verge of a full out technical breakdown on Friday, but the market managed to stabilize yesterday, in large part thanks to wheat. 380 ¾-382 ¼ remains significant support, a break and close below here would likely take us to revisit the contract lows, 374 ¾. Significant resistance comes in from 389 ¾-393 ½, this pocket represents the top end of the recent range and the 50-day moving average. It’s a big ask and we wouldn’t hold our breath this week, but a breakout above that resistance pocket would likely spark a bigger short covering rally.


Bias: Bullish/Neutral

Previous Session Bias: Bullish/Neutral


Resistance: 389 ¾-393 ½***, 398 ¼-398 ¾****

Support: 380 ¾-382 ¼***, 374 ¾****


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Call/Text/Email Oliver with any questions!

312-837-3938 Oliver@BlueLineFutures.com


Soybeans (May)


Fundamentals: Soybean futures failed to gain traction yesterday despite a firmer corn and wheat trade, not a good sign for the bull camp. Yesterday’s weekly export inspections came in at 795,000 metric tons, towards the top end of expectations. NOPA released their monthly crush report yesterday, which came in at 176.94 million bushels, well above the estimates. Concerns surrounding coronavirus remain real and extremely hard to quantify at this point but could prove to be a wet blanket on some commodities when we start seeing hard data in the coming months.


Technicals: The market retraced the breakdown point from January 30th but failed to reclaim ground above here in the last three sessions, a caution flag for the bull camp. With prices lingering in the middle of the recent range, our bias remains Neutral, we would like to buy lower and sell higher.


Bias: Neutral

Previous Session Bias: Neutral


Resistance: 914-917****, 928-930 ¾***

Pivot: 898 ¼-900

Support: 890-890 ¾***, 880-883****


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Call/Text/Email Oliver with any questions!

312-837-3938 Oliver@BlueLineFutures.com


Chicago Wheat (May)


Technicals: May wheat futures were on a straight shot to the moon yesterday on the back of reports that Australia was going to harvest their smallest crop in over a decade. For those of you who have been paying attention, you know that this is not new news, we think there was something else going on behind the scenes. We have had a Bearish bias for the better part of the last month but moved that to Bearish/Neutral in yesterday’s report. We like selling this rally, but if the bulls can stabilize and achieve consecutive closes above 562 ½-564 ½ we could the tides turn back in favor of the bull camp.


Bias: Bearish/Neutral

Previous Session Bias: Bearish/Neutral


Resistance: 562 ½-564 ½***, 571 ¾-575**, 590 ¾****

Support: 537-541***, 520-525***


Get our FULL report emailed to you daily!

Call/Text/Email Oliver with any questions!

312-837-3938 Oliver@BlueLineFutures.com


Kansas City Wheat (May)


Technicals: Kansas City wheat futures broke out above the top end of the recent range, moving our bias from Neutral/Bearish to outright Neutral. Previous resistance now becomes support, we see that as 480-483 ¼. If the bull camp can defend this pocket, we could see the market make a run at the $5.00 handle again. A break and close back below could spark long liquidation. The next few sessions will have a big influence on price action going forward.


Bias: Neutral

Previous Session Bias: Neutral/Bearish


Resistance: 493 ½-497 ½***, 507 ½-511 ¾****

Support: 480-483 ¼****, 465 ¾-468 ¼***


Get our FULL report emailed to you daily!

Call/Text/Email Oliver with any questions!

312-837-3938 Oliver@BlueLineFutures.com


Cotton (May)


Techncials: May cotton futures made a run higher but failed to hold on to all of those gains through the close. 70.00 is a pivot area for us, until we see consecutive closes above here, we believe the bear camp has a slight advantage. Support comes in near 67.50, a break and close below there could accelerate the selling and take us back towards the low end of the range from December.


Resistance: 69.72-70.20***, 72.28-73.08***

Support: 67.30-67.66***, 64.88-65.15****


Get our FULL report emailed to you daily!

Call/Text/Email Oliver with any questions!

312-837-3938 Oliver@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. Past performance is not necessarily indicative of future results.




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