Grain Express


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Corn (December)

Fundamentals: Corn futures got hit hard after a bearish USDA report but managed to rally on Thursday and Friday to finish the week only down 4 ¾ cents. With harvest over 50% complete, a lot of the bearish headlines (better yields) have been baked into the cake which may help us hold a harvest low. Does that mean we will see a huge rally? We wouldn’t hold our breath. Friday’s Commitments of Traders report showed Managed Money were net sellers of 22,665 futures/options (15,870 new shorts, 6,795 long liquidation), trimming their net long position to 227,930 futures/options.


Technicals: We moved our bias into Neutral/Bullish territory in the middle of last week, thinking that there was opportunity for a relief rally. Now that we’ve gotten a relief rally, we are moving our bias back to neutral. We continue to believe there will be plenty of opportunities for market participants on both sides of the market.

Bias: Neutral

Previous Session Bias: Neutral/Bullish

Resistance: 532-533**, 544 -550****, 558**

Pivot: 519-521

Support: 512 ¾-514 ¼***, 497 ½-507****


Soybeans (November)

Fundamentals: November soybean futures made new lows for the move last week but caught a relief rally into the weekend after defending significant support. For the week, November soybeans were down 25 ¼ cents. November options expiration is this week, that may play a roll in price action, a lot of open interest is at the $12.00 strike, which may act as a magnet into options expiration. Friday’s Commitments of Traders report showed Managed Money were net sellers of 20,385 contracts (13,579 new shorts and 6,806 long liquidation), trimming their net long position to a measly 29,058 futures/options.


Technicals: We moved our bias into Neutral/Bullish territory in the middle of last week, thinking that there was opportunity for a relief rally. Now that we’ve gotten a relief rally, we are moving our bias back to neutral. We continue to believe there will be plenty of opportunities for market participants on both sides of the market.

Bias: Neutral

Previous Session Bias: Neutral/Bullish

Resistance: 1227-1231 ¾****, 1259 ¾-1262 ¾**

Pivot: 1194 ¾-1200

Support: 1180-1185 ½****

Wheat (December)

Technicals: Chicago wheat futures finished the week Unchanged, in a week that provided opportunities for participants on both sides of the market. Heading into this week’s trade, we continue to wade our bias into Bearish territory so long as the market can defend technical resistance. Friday’s Commitments of Traders report showed Managed Money were net sellers of 13,759 futures/options contracts, putting them net short 8,546 futures/options.

Bias: Bearish/Neutral

Previous Session Bias: Neutral/Bearish

Resistance: 740 ½-743 ¾***, 758 ½-760****

Pivot: 730-733 ¼

Support: 712 ¾-718 ½***, 698¾-703****


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Blue Line Futures

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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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