Grain Express | 11.10.2021



Corn (December)

Fundamentals: Yesterday’s USDA report was very much Neutral versus the expectations, which led to a relief rally, fueled by a bigger relief rally in soybeans. The USDA has the U.S. corn yield at 177.0 bushels per acre, .1 above the average estimate. This increased production to 15.062 billion bushels. U.S. ending stocks came in at 1.493 billion bushels, a notch above the average estimate of 1.48.


Technicals: December corn futures were able to rally yesterday, much of which was relief after trading as much as 35 cents off last week’s high. 543 ¾-548 ½ was the big support pocket we’ve been outlining for the last week and noted it as a buying opportunity in yesterday’s report. The market rallied into our pivot pocket, which we’ve had defined as.....Click here to get our (FULL) daily reports emailed to you!


Bias:

Previous Session Bias:

Resistance:

Support:

Soybeans (January)

Fundamental: Yesterday’s USDA report was Bullish/Neutral, which was good enough for an over reaction to the upside, after being sold off so hard in the previous week. The USDA has the U.S. soybean yield at 51.2 bushels per acre, .7 below the average estimate. This dropped production to 4.425 billion bushels. U.S. ending stocks came in at .340 billion bushels, below the average estimate of .362.


Technicals: January soybean futures tripped stops just below support, just before the USDA report, then rallied nearly 60 cents. Futures finished well off the highs, but it was still a constructive session. In yesterday’s report we wrote: “The recent selloff has brought the RSI (relative strength index down near “oversold” territory. As mentioned in the fundamental section, we understand the fundamental headwinds for soybeans, but it seems at this point so does everyone else. Overall sentiment is extremely bearish, which with a neutral USDA report could be enough to help spark a relief rally.”. The report was friendlier than neutral, which has bulls feeling pretty good. Does that mean we are looking for new highs? Absolutely not. We do think that there are some great short term tradable opportunities to the upside, from these levels. With that said, the Bulls need to defend the pivot pocket going forward, which comes in from.....Click here to get our (FULL) daily reports emailed to you!


Bias:

Previous Session Bias:

Resistance:

Support:

Wheat (December)

Fundamentals: The USDA showed U.S. ending stocks at .583 billion bushels, just above the average analyst estimate of .581. World ending stocks came in at 275.8 mmt, below the average analyst estimate, 276.5 mtt.


Technicals: Chicago wheat futures were able to defend our support pocket from 765-768 and rally yesterday, in tandem with the broader grain complex. Prices are now back in our pivot pocket, which we have defined as 780-786 ½. This will be a highly contested pocket to watch this week. A breakout above could spur.....Click here to get our (FULL) daily reports emailed to you!


Bias:

Previous Session Bias:

Resistance:

Support:

If you have any questions about markets, trading, or opening an account please let us know!


You can email us at info@BlueLineFutures.com or call 312-278-0500


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.

102 views0 comments