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Fundamentals: March corn futures finished the day under moderate pressure, mostly due to a technical failure at the gap from Sunday night. Export sales this morning came in at 1,234,700 metric tons, down 7% from last week but 49% above the 4-week average.
Technicals: March corn futures filled the gap and failed at our resistance pocket; we had defined that as 384 ¾-387 ¼. In yesterday’s report we moved our bias from Bullish/Neutral to outright Neutral. If the bulls cannot achieve consecutive closes above the gap, you could make the case that the bears have an edge near term. Significant support comes in from ....Sign up for your FREE two-week trial of our daily commodity reports!
Fundamentals: The market is making new lows for the move in the early morning trade as global markets come back under fire. With little new news, much of the recent selling pressure is technical in nature. Weekly export sales came in at 469,700 metric tons, 41% lower than last week and 11% below the 4-week average.
Techncials: In yesterday’s report we wrote about the Tuesday night/Wednesday morning reversal, saying that this was “a potential stop hunt to shake out the weak shorts before taking the market lower. We had a Neutral/Bullish bias in yesterday’s report but have put that the Neutral for now. If the bulls cannot find strength on the floor open (where we get more participation), we wouldn’t be surprised to see the market retreat towards ....Sign up for your FREE two-week trial of our daily commodity reports!
Chicago Wheat (March)
Fundamentals: Weekly export sales came in at 646,300 metric tons, down 7% from last week but 49% higher than the 4-week average.
Technicals: Wheat futures are breaking below technical support in the early morning trade, we have had that defined as 557 ¼-559 ½. IF you have been short, this is a spot to consider reducing. If the bulls cannot defend this pocket on a closing basis, we would look for a run towards ....Sign up for your FREE two-week trial of our daily commodity reports!
Kansas City Wheat (March)
Technicals: Kansas City wheat futures are under pressure this morning, breaking below our 4-star support from 470-471 ¾. If the bulls cannot reclaim ground above this pocket, we could see a run towards our next pocket ....Sign up for your FREE two-week trial of our daily commodity reports!
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.