Grain Express

Corn (July)

Fundamentals: Corn futures rolled over yesterday, thanks to friendly weather throughout the Midwest, allowing farmers to get the crop in the ground. As stated previously, any wet weather concerns should be taken with a grain of salt, considering the precedent set by last years weather and end crop. Planting progress was released after the close, that the US corn crop is 27% planted. Expectations were for 22%. The 5-year average is 20% complete. Weekly export inspections came in at 1.1mmt, a strong number.

Technicals: The market broke down yesterday and threatened contract lows at 309. This is the line and the sand that all market participants are watching for on a closing bass. A break and close below here likely leads to a dip below they psychologically significant $3.00 handle.

Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish

Resistance: 330-333****, 343 ¼-344 ¾**

Pivot: 316-317 ¾

Support: 308 ¼-310*** 298 ¾-301 ¼**

Feel free to call/text/email, Oliver with any questions. and 312-837-3938

Soybeans (July)

Fundamentals: Soybeans were mixed yesterday, a decent performance considering the carnage in corn and wheat. Export inspections yesterday morning came in at 557tmt, near the top end of expectations. Yesterday’s planting progress report showed the US crop is 8% planted, in line with expectations and ahead of the 5-year average, 4%.

Technicals: Soybeans avoided a technical breakdown yesterday but are not in the clear just yet. First support was tested and held, 829-834. A break and close below here and we likely see new contract lows, potentially taking us below the psychologically significant $8.00 handle. Resistance comes in from 857-861 ¼. Consecutive closes above this pocket would Neutralize the chart, until then, the Bears remain in control.

Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bullish

Resistance: 857-861 ¼****, 871 ¼-875**

Pivot: 829-834

Support: 818-821***, 808 ¼***, 791**

Feel free to call/text/email, Oliver with any questions. and 312-837-3938

Chicago Wheat (July)

Fundamentals: Chicago wheat made new lows for the move yesterday but have found moderate strength in the overnight/early morning trade Yesterday’s export inspections came in at 501tmt, within the range of expectations. Crop progress showed Hard red spring wheat planting at 14% complete, behind expectations and behind the 5-year average, 29%. Winter wheat conditions came in at 54% good/excellent, below expectations and last years 64% rating at this time.

Technicals: Technical support was tested yesterday and again in the overnight sessions, so far holding, keeping that intact at 520-525. This pocket represents the lows from April 17th and the breakout point from March 19th. A break and close below here opens the door for accelerated selling, potentially taking us back below the psychologically significant $5.00 handle. First resistance comes in from 538-540 ½.

Bias: Bearish/Neutral

Previous Session Bias: Bearish

Resistance: 538-540 ½**, 552-554 ¾***, 562-565½****

Pivot: 520-525

Support: 506 ¼-512 ¼***, 491 ¾-494 ¼****

Feel free to call/text/email, Oliver with any questions. and 312-837-3938

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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