• Oliver Sloup

Grain & Cotton Express

Corn (May)


Fundamentals: The USDA’s Ag Forum had corn acres at 94 million acres, far from friendly but short of apocalyptic. The USDA’s Prospective Plantings report will be out next month and hold a little more weight. The Ag Forum had 20/21 US ending stocks at 2.637 bb, harvested acres at 86.6 and yield at 178.5. This data is derived from data previously collected and is obviously subject to change, but you’ve got to start somewhere. Export sales this morning came in at 1,249,200 metric tons, 29% higher than last week and 12% above the 4-week average. Today is March option expiration, 380 looks like it could be the magnet, in terms of open interest and “max pain”.


Technicals: The rangebound trade has kept our support and resistance levels intact. 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: The USDA Ag Forum had soybean acres coming in at 85 million. US ending stocks for 20/21 at 320 mb, harvested acres at 84.2 and a yield of 49.8. This data is derived from data previously collected and is obviously subject to change, but you’ve got to start somewhere. Export sales this morning came in at 494,300 metric tons, 23% below last week and 22% below the 4-week average. March option expiration is today, we would not be surprised to see $9 be a magnet into the close, for March futures.


Technicals: The market has traded the $9.00 handle for 12 of the last 13 sessions. We are smack dab in the middle of our risk range which keeps our bias at Neutral. If we had to choose a side to favor for the next two sessions, it would be the buy-side, that being tied to today’s option expiration. 914-917 is significant resistance, this pocket represents a key retracement along with other previously important price points. 880-883 is the recent lows.


Bias: Neutral

Previous Session Bias: Neutral


Resistance: 907 ¼**, 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)


Fundamentals: USDA’s Ag Forum showed 20/21 US ending stocks at 777 mb. Export sales this morning came in at 346,300 metric tons, down 46% from last week and 40% below the 4-week average.


Technicals: May wheat futures have held the 50-day moving average and are pressing up towards the top end of this week’s range. Recent price action this week has lowered our near-term conviction on the sell side, but we still believe the bears have the advantage until the bulls can achieve consecutive closes above resistance from 568 ½-570 ½.


Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish


Resistance: 568 ½-570 ½***, 590 ¾****

Pivot: 556 ½

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


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Call/Text/Email Oliver with any questions!

312-837-3938 Oliver@BlueLineFutures.com


Kansas City Wheat (May)


Technicals: Kansas City wheat futures tested support near 480 and managed to hold, so long as the bulls can defend this on a closing basis, we believe this represents a good risk/reward opportunity to the buy-side.


Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish


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

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


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Call/Text/Email Oliver with any questions!

312-837-3938 Oliver@BlueLineFutures.com


Cotton (May)


Fundamentals: Weekly export sales this morning came in at 235,300RB, 33% below last week and 30% below the 4-week average.


Techncials: May cotton futures failed to breakout above resistance. 69.72-70.20 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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Futures trading involves substantial risk of loss and may not be suitable for all investors.