Grain Express | 11.16.2021



Corn (December) Breaking Flash-Sale: 270,000 metric tons of corn for delivery to Mexico during the 2021/2022 marketing year

Fundamentals: The USDA announced a flash-sale yesterday morning, 198,200 metric tons to Mexico. Of the total, 148,200 metric tons is for delivery during the 2021/2022 marketing year and 50,000 metric tons is for delivery during the 2022/2023 marketing year. Yesterday’s weekly export inspections report came in at 855,698 metric tons, well above the 649,023 we saw in the previous week. Due to last week’s holiday, the weekly Commitments of Traders report was released yesterday (usually it’s released on Friday’s). That report showed Managed Money net sellers of 661 futures/options through November 9th. This puts their net long position at 319,609 futures/options. It’s important to understand the lag in data. We look at the trend of money flow on extended time frame, not necessarily week to week. For those still paying attention, yesterday’s Crop Progress report showed corn harvest at 91% complete, above the 5-year average, 86%.

Technicals: December corn futures traded on both sides of unchanged in yesterday’s session, finishing the session near unchanged. This leaves the technical support and resistance intact from yesterday’s report. If the Bulls can continue to defend our pivot pocket from 563 ¼-566 ¾, we could see the market make another push towards resistance, a pocket that was tested on Friday, 582-586. A breakout above that pocket opens the door for an extension towards 593 ½-595. A break and close below the pivot could take us back to our 4-star support pocket that was tested and held last week, that comes in from.....Click here to get our (FULL) daily reports emailed to you!

Bias: Previous Session Bias: Resistance: Support:

Soybeans (January) Breaking Flash-Sale: 161,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year

Fundamentals: The USDA announced a flash-sale yesterday morning, 264,000 metric tons to “Unknown Destinations” for the 2021/2022 marketing year. Yesterday’s weekly export inspections report came in at 855,698 metric tons, well above the 649,023 we saw in the previous week. Due to last week’s holiday, the weekly Commitments of Traders report was released yesterday (usually it’s released on Friday’s). The CoT showed Managed Money were net sellers of 30,544 futures/options contracts through November 9th. As mentioned in the corn section, it’s important to understand the lag in data. We look at the trend of money flow on extended time frame, not necessarily week to week. For those still paying attention, yesterday’s Crop Progress report showed corn harvest at 92% complete, above the 5-year average, 87%.

Technicals: January soybean futures continued their march higher, closing the session in positive territory, which marked the fifth consecutive higher close, trading nearly 80 cents off last week’s pre-USDA report low. We’ve had a Bullish bias for the last week but are flipping that to a slightly bearish tone. Significant resistance comes in from.....Click here to get our (FULL) daily reports emailed to you!

Bias: Previous Session Bias: Resistance: Support:

Wheat (December) Fundamentals: Yesterday’s weekly export inspections report came in at 388,743 metric tons, above last week’s 251,452 metric tons. Due to last week’s holiday, the weekly Commitments of Traders report was released yesterday (usually it’s released on Friday’s). The CoT showed Managed Money were net sellers of 2,572 futures/options through November 9th. As mentioned in the corn and soybean sections, it’s important to understand the lag in data. We look at the trend of money flow on extended time frame, not necessarily week to week. Yesterday’s weekly Crop Progress report showed the winter wheat crop is 94% planted and 81% emerged. Good/Excellent ratings are at 46%, in line with the ratings we saw last year.

Technicals: December wheat futures made new contract highs yesterday, which took the RSI back into “overbought territory”. High prices will cure high prices and we believe that we could start to see.....Click here to get our (FULL) daily reports emailed to you!

Bias: Previous Session Bias: Resistance: Support:

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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