Grain & Cotton Express
Fundamentals: May corn futures traded in a tighter range yesterday, rather encouraging considering the volatility and selling pressure in the outside markets. Trying to weigh and quantify the affects of coronavirus on the global economy is a guessing game at this point, which will keep uncertainty at high levels. The good news is that the agricultural complex is more inelastic than the outside markets; demand will still be there, unlike that of an Apple iWatch, new car, etc.
Technicals: Our overall thoughts remain little changed, along with prices in yesterday’s session. The Chart is ugly, but prices are holding firm despite outside market panic, a silver lining in an otherwise dud of a market. Previous support now becomes....Click this link to get our FULL report! Or email Oliver@BlueLineFutures.com
Fundamentals: Soybeans managed to recover some of Monday’s losses in yesterday’s session as money flow began to shift in the broader markets. As mentioned in the corn section, the agricultural markets are more inelastic than the outside markets; demand will still be there, unlike that of an Apple iWatch, new car, etc. This may make it a more attractive place for funds to park money.
Technicals: Our thoughts are little changed from yesterday morning. The chart is undoubtedly bearish, but we have a hard time pressing the short side after falling nearly 90 cents to start the year. Four-star support from 880-883 managed to hold, if this gives way, we could see a retest of the May contract lows, 854. Our pivot pocket comes in from....Click this link to get our FULL report! Or email Oliver@BlueLineFutures.com
Chicago Wheat (May)
Technicals: May wheat futures came within a stones throw of our 4-star support pocket which came in from 520-525, prompting us to move our bias from Bearish to Bearish/Neutral in yesterday’s report. The market managed to rally back in positive territory which could open the door for a run back at....Click this link to get our FULL report! Or email Oliver@BlueLineFutures.com
Kansas City Wheat (May)
Technicals: Kansas City wheat futures managed to recover early losses yesterday, closing in positive territory for the day. This cold set the tone for an extension of the relief rally in the near term. Previous support now becomes resistance, we see that as....Click this link to get our FULL report! Or email Oliver@BlueLineFutures.com
Technicals: May cotton futures continued to work lower, keeping the bear camp in clear control. If the bulls cannot reclaim ground above 67.30-67.66, we could see prices continue to bleed lower. The next significant support pocket doesn’t come in until....Click this link to get our FULL report! Or email Oliver@BlueLineFutures.com
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