Grain Express

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Corn (July)


Fundamentals: Yesterday’s weekly export inspections came in at 2,139,000 metric tons, the top end of expectations. Crop/Planting Progress was released after the close, that report showed the U.S. corn crop is 46% planted, ahead of expectations and well ahead of the 5-year average, 36%. 8% of the crop is emerged. Weather in the Midwest will become increasingly important in the coming months as the rest of the crop gets in the ground and the crop starts to develop.


Technicals: It looks like a quiet day on the daily chart, but we are in an 18 ¾ cent overnight trading range. First resistance comes in from 698-701 ½, this pocket represents contract highs from the Sunday night open and the psychologically significant $7.00 handle, we have added another 1 ½ cents for slippage as there are likely a lot of stops/triggers between 698-700. First support comes in from 673 ¼-676. A break and close below here could spur some profit taking from recent buyers. The RSI (relative strength index) is at 81.65, typically this is referred to as “overbought territory”, but alone it is not enough of a reason to blindly short this wild market. Our bias is neutral as we believe buyers and sellers will both have multiple shorter term trading opportunities.


Bias: Neutral


Previous Session Bias: Neutral


Resistance: 698-701 ½*


Support: 673 ¼-676***, 652-657***

Soybeans (July)


Fundamentals: Yesterday’s weekly export inspections came in at 143,000 metric tons, below the low end of estimates. The weekly Planting Progress was released yesterday after the close, that showed the U.S. soybean crop is 24% planted. This was inline with most estimates, but well ahead of the 5-year average pace, 11%.


Techncials: The market is chopping around near our pivot pocket 1535 ¾-1540 ½, a bit of a tug of war zone between buyers and sellers. Consecutive closes or a conviction close above this pocket could take us to revisit the contract highs from April 27th, 1574 ¾. A failure to hold ground at the pivot pocket could spur some long liquidation and take us back towards 1490 ½-1500. So, basically no-man’s land. Our bias is neutral as we believe buyers and sellers will both have multiple shorter term trading opportunities.


Bias: Neutral


Previous Session Bias: Neutral


Resistance: 1574 ¾-1577 ¾


Pivot: 1535 ¾-1540 ½


Support: 1515 ½-1518**, 1490 ½-1500***

Chicago Wheat (July)


Techncials: Over the last 10 sessions, we have had an average daily trading range of 28 ½ cents. These type of trading ranges are great for short term trading but start to toy with the emotions of those holding an intermediate/long term bias. Our bias is neutral as we believe buyers and sellers will both have multiple shorter term trading opportunities.


Bias: Neutral


Previous Session Bias: Neutral


Resistance: 746-753 ½**, 769 ½-775**


Pivot: 732-735


Support: 711 ½-717***, 700-701 ¾**, 671-680**


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Blue Line Futures 312-278-0500 info@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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