Grain Express | 11.18.2021

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There are no Flash-Sales to report (as of writing this)

Corn (December)


Fundamentals: December corn futures were reluctantly higher yesterday, benefiting from spillover momentum in the soybean and wheat market. This morning’s weekly export sales report showed net sales of 904,600 MT for 2021/2022 were down 15 percent from the previous week and 19 percent from the prior 4-week average.


Technicals: The market was able to rally yesterday but finished off the highs after failing to chew through our resistance pocket from 582-586. If the Bulls can chew through this pocket, there’s potential upside towards the technically and psychologically significant $6.00 handle. 563 ¼-566 ¾ continues to be the pivot pocket the Bulls want to defend, and the Bears want to break. If that pocket gives way, we would expect to see.....Click here to get our (FULL) daily reports emailed to you!


Bias:

Previous Session Bias:

Resistance:

Support:

Soybeans (January)

Fundamentals: The soy complex was strong yesterday which helped soybeans stage a technical breakout above trendline resistance. This morning’s weekly export sales report showed net sales of 1,382,700 MT for 2021/2022 were up 13 percent from the previous week, but down 20 percent the prior 4-week average. The soybean oil report showed net sales of 67,500 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.


Technicals: The market has officially rallied over a dollar from last week’s low, pre-USDA report. We had been bullish into that report and after but did not have a $1+ rally on our bingo card this week. We liked the idea of selling against technical resistance near 1270, but the Bulls were able to chew through that pocket and stage a technical breakout, taking prices into our next resistance pocket, 1282 ¾-1285. Above that pocket is.....Click here to get our (FULL) daily reports emailed to you!


Bias:

Previous Session Bias:

Resistance:

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Wheat (December)

Fundamentals: Wheat futures are continuing their rally deeper into uncharted territory this morning. This morning’s weekly export sales report showed net sales of 399,100 metric tons (MT) for 2021/2022 were up 40 percent from the previous week and 21 percent from the prior 4-week average.


Technicals: Chicago wheat futures made new contract highs yesterday but finished “off the highs”. Though prices didn’t close at the highs, it was far from the “blow off top” that some traders are waiting for. Prices are marching higher again in the early morning trade, taking us.....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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