Grain Express

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Corn (July)

Fundamentals: May futures are officially in delivery mode which could provide some very near-term relief, but the intermediate term fundamental landscape will likely keep the upside limited. For clients who want to try nibbling on the long side we were buying yesterday afternoon with the plan to be flat or possibly flip back short over the weekend. Weather forecasts look favorable right now, and that could lead to pressure come Sunday night, especially if we do get some relief in the next two sessions. Export sales this morning came in at 1,356,700 metric tons, 87% higher than the previous week and 19% above the 4-week average.

Technicals: July futures managed to defend the contract lows by ¼ of a cent. As mentioned in yesterday’s report, we think there is a tradable, short term low here for the next two sessions. So, if you’ve been short you may consider reducing with the idea of reentering before the weekend, regardless of price (hopefully better prices). If you want to be long, the risk is well defined, and the time frame is short.

Bias: Neutral

Previous Session Bias: Neutral/Bearish

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

Pivot: 316-317 ¾

Support: 308 ¼-310*** 298 ¾-301 ¼**

Soybeans (July)

Fundamentals: July soybean futures managed to hold the previous day’s low and rally, sparking some short covering in the overnight/early morning trade. Export sales this morning came in at 1,078,300 up noticeably up from the previous week and the 4-week average.

Technicals: The Bulls manage to defend our pivot pocket with a little more conviction yesterday, leading to some relief in the early morning trade. First meaningful resistance comes in from 857-861 ¼. If you are long the market, this would be your first target to look at capitalizing on something.

Bias: Neutral

Previous Session Bias: Neutral/Bearish

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

Pivot: 829-834

Support: 818-821***, 808 ¼***, 791**

Chicago Wheat (July)

Fundamentals: Wheat continued to roll over yesterday as the lack new news encourages long liquidation. Export sales this morning came in at 467,400 metric tons, up 91% from last week, and up noticeably from the 4-week average.

Technicals: The market has . retreated into our 3-star support pocket 506 ¼-512 ¼. If you have been short the market for the last week, this is the spot to consider reducing. We are still Bearish the market but wouldn’t be surprised to see some near-term relief.

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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