Grain Express 11.3.2021

There are no flash-sales to report (as of writing this)

Corn (December)


Fundamentals: Rising input costs has helped boost corn futures over the last few weeks, but yesterday appeared to be a wave of profit taking and unwinding from spreaders (long corn/short beans). Crude oil is sharply lower this morning, this may put an added headwind in the market if it persists.


Technicals: Corn futures extended their recent rally early in yesterday’s session but reversed and closed roughly 14 cents off the highs and near the lows of the day. That weakness has spilled into the overnight session, taking us back near our pivot pocket (previous resistance and secondary breakout point, 566-568 ¾). The Bulls will want to defend this pocket to prevent a further reversion to the mean and a retest of.....Click here to get our (FULL) daily reports emailed to you!


Bias:

Previous Session Bias:

Resistance:

Support:



Soybeans (January)


Fundamentals: The story of rising input costs has been circulating for the better part of the last month, which has been supportive to corn and a bit of a headwind for beans. Yesterday it appeared that some of those spreaders were unwinding positions, selling corn and buying beans. The input costs will continue to be monitored closely, a lot can change between here and spring.


Technicals: The market has been consolidating over the last week and a half, basically tethered to the 1250 level (give or take). As mentioned in recent reports and yesterday’s Tech Talk, the market has reason to trade lower but can’t. That’s a silver lining for the Bull camp as the market.....Click here to get our (FULL) daily reports emailed to you!

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Previous Session Bias:

Resistance:

Support:

Wheat (December)


Technicals: Chicago wheat futures made new contract highs yesterday but reversed to closer on the lows of the session, nearly 20 cents off those highs. Futures have traded on both sides of unchanged in the overnight and early morning session as market participants gear up for what could be another choppy and volatile session. Previous resistance now becomes support, we’ve defined that as 780-786 ½. This pocket.....Click here to get our (FULL) daily reports emailed to you!

Bias:

Previous Session Bias:

Resistance:

Support:

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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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