Grain & Cotton Express

USDA Report at 11:00am CT

Corn (March)

Fundamentals: Corn futures retreated yesterday, remaining within the technical range ahead of this morning’s USDA report. Though this isn’t typically a market moving report, the possibility for volatility shouldn’t be ignored. U.S. carryout is what we will be watching closely, estimates come in from 1.788-1.942 billion bushels, 1.864 being the average, down from 1.892 in January. Export inspections yesterday morning came in at 769,000 metric tons, within the range of expectations.

Technicals: Corn technicals are little changed. A break and close below 375-377 ¾ would mark lower lows, opening the door for a drop towards contract lows at 365 ¾. The bears have....Click this link for the FULL report!

Soybeans (March)

Fundamentals: March soybean futures caught a bid yesterday morning on the back of rumors that China was set to purchase 2-3 cargoes of new crop beans. Export inspections came in at 604,000 metric tons, below the low end of expectations. Estimates for ending stocks come in from .320-.520 billion bushels, the average being .443, down from .475 in January.

Technicals: March soybeans worked up against our resistance pocket yesterday but failed to attract enough new buyers to stage a serious breakout, we have defined that pocket as 888 ¼-890 ½. The bears have the advantage until we see consecutive closes above resistance. 875-880 is our pivot pocket, a close below here would....Click this link for the FULL report!

Chicago Wheat (March)

Technicals: March wheat futures softened up yesterday, continuing the formation of a bearish head and shoulders pattern. Prices have seen some follow through selling in the overnight/early morning trade, bring us into our first support pocket, 548-551. A break and close below here could....Click this link for the FULL report!

Kansas City Wheat (March)

Technicals: Kansas City wheat futures were lower yesterday but managed to hold ground relatively well considering the pressure in the Chicago contact. Our pivot pocket today comes in from....Click this link for the FULL report!

Cotton (March)

Technicals: The market has been consolidating higher for the better part of the last week but lacks conviction and appears to be setting up for a potential bear flag. A break and close back below our pivot pocket from 67.80-68.00 could accelerate the selling and take us to....Click this link for the FULL report!

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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