• Oliver Sloup

Grain Express

Corn (May)


Fundamentals: May corn futures are threatening the psychologically significant $6.00 handle and contract highs (6.01 ½). Spillover strength from beans coupled with cold weather through the US seems to be a consensus headline. Yesterday’s planting progress report showed the US corn crop is 8% planted, a notch below expectations, but far from concerning. Weekly export inspections came in at 1,525,000 metric tons, within the range of expectations.


Technicals: Technical resistance is being tested in the early morning trade, again. We have defined that as 595-602. A breakout above this pocket puts us back into uncharted territory, which makes the task of finding meaningful technical resistance more of a fool’s errand. May options expiration is Friday, this could keep a lid on the market towards the end of the week.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (May)


Fundamentals: Soybeans are screaming higher in the early morning trade as the cash market remains stout. Yesterday’s planning progress report showed the US soybean crop is 3% planted, in line with expectations and 1% above the historical average pace (not that it matters this early in the game). Weekly export inspections came in at 184,000 metric tons, within the range of expectations.


Technicals: May soybean futures are breaking out and making new contract highs in the early morning trade. If we see a positive close, it will mark the sixth consecutive higher close, right now amounting to nearly $1.00. With the market in uncharted territory, finding the next technical resistance level becomes difficult. $15.00 is psychologically significant.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Chicago Wheat (May)


Technicals: The market continues to fail against technical resistance, but it’s not a clear-cut rejection, which could be enough to stage a breakout. That resistance pocket remains intact from 657 ¾-662 ¾. If the Bulls can chew through and close above this pocket, we could see the buying accelerate.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Sign up for your FREE trial of our daily Grain & Livestock Market Analysis!


Follow us on our social media sites to stay on the pulse of our latest research and commentary!


Twitter - twitter.com/bluelinefutures

Facebook - facebook.com/BlueLineFutures

YouTube - YouTube.com/BlueLineFutures

StockTwits - stocktwits.com/BlueLineFutures

Latest blog posts - bluelinefutures.com/blog


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.



19 views0 comments