• Oliver Sloup

Grain Express

Corn (May)


Fundamentals: A flash sale of 114,300 metric tons to Mexico coupled with winter weather moving through parts of the Midwest helped send corn futures made new contract highs yesterday, which spilled into new highs in the overnight session. Futures have since retreated about 7 cents from those highs at it appears a lot of the new bullish news may be priced in for now.


Technicals: May corn broke out above the old contract highs which led to a wave of accelerated buying, both momentum traders and short covering. Something we have talked a lot about over the last 3 months is the funds position limit being increased by the exchange, which gives them powder to add to what is already a near record position. On the other side of that, commercials and producers are near record short, which could add fuel to the fire via short covering. There is no significant technical resistance in uncharted territory as it becomes an emotional momentum trade. The RSI is at 69.14, near overbought, but well below the reading we saw on January 14th, 89.99.


.........Click this link to read the FULL report and receive our daily commentary

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Soybeans (May)


Fundamentals: Strong cash markets continue to be the leading catalyst for the Bull camp. We continue to believe that this will continue to offer support for the market. Our near-term bias for the May contract is Neutral, but we remain upbeat on the deferreds and new crop contract.


Techncials: Coming into the week we thought that options expiration was going to give us a two-sided, choppy trade, that has not played out…..at all. May soybean futures surged higher yesterday, breaking out above technical resistance. The market carried that strength into the overnight trade but has since reversed into negative territory. Previous resistance now becomes support/pivot pocket, we see that near 1460, the previous contract highs.........Click this link to read the FULL report and receive our daily commentary

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Previous Session Bias:

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Chicago Wheat (May)


Technicals: In yesterday’s report we noted that we could be on the verge of a breakout, above our resistance pocket 657 ¾-662 ¾. The Bulls got exactly what they were looking for with futures surging higher right at the “floor open”. Though the Bulls still have a technical advantage, the reversal from those highs is a caution flag for the Bull camp.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

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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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