Grain Express | 11.12.2021

Corn (December)

Fundamentals: This morning’s weekly export sales report showed net sales of 1,067,300 MT for 2021/2022 were down 13 percent from the previous week and 4 percent from the prior 4-week average.


Technicals: December corn futures were convincingly higher yesterday morning, tagging along with a wheat market that made new contract highs. The velocity of the early morning trade resembled that of a short squeeze and prices eventually retreated off the highs and into negative territory near midday. Despite yesterday’s volatility, the technical landscape remains intact. Our pivot pocket from 563 ¼-566 ¾ remains intact. A failure to sustain momentum above this pocket could trigger long liquidation, leaving the door open for a retracement back to technical support, which remains intact from.....Click here to get our (FULL) daily reports emailed to you!


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Soybeans (January)

Flash-Sale Alert: Private exporters reported sales of 256,930 metric tons of soybeans received during the reporting period for delivery to unknown destinations during the 2021/2022 marketing year.


Fundamentals: This morning’s weekly export sales report showed net sales of 1,289,400 MT for 2021/2022 were down 31 percent from the previous week and 25 percent the prior 4-week average.


Technicals: January soybeans had a modest day yesterday, which is arguably more constructive than the slingshot higher and reversal that we saw in the corn market. Technical resistance was tested and held yesterday and so far this morning, we’ve had that pocket defined as 1227-1231 ¾. If the Bulls can chew through this pocket, there is more room to run. A failure here could take us back to our pivot pocket from.....Click here to get our (FULL) daily reports emailed to you!

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Wheat (December)

Fundamentals: This morning’s weekly export sales report showed net sales of 285,900 metric tons (MT) for 2021/2022 were down 29 percent from the previous week and from the prior 4-week average.

Technicals: Chicago wheat futures made new contract highs which spurred a surge higher yesterday. Yesterday’s price action felt like short covering, but there were likely momentum traders piling in on the breakout too. With the move to new highs, the chart is in “uncharted territory”. Many people throw out arbitrary numbers like $8.50 or $9.00 as next targets, but to us that is like playing darts with a blindfold on. We look at technicals and charts as a road map of previous interactions between buyers and sellers. When the market is in “uncharted territory” there is.....Click here to get our (FULL) daily reports emailed to you!

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


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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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