Grain Express | 11.4.2021

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Corn (December)

Fundamentals: This morning’s weekly export sales report showed net sales of 1,223,800 MT for 2021/2022 were up 37 percent from the previous week and 10 percent from the prior 4-week average. All eyes are on next week’s USDA report, out on November 9th. The average yield estimate comes in at 176.9 bushels per acre, this would be up from 176.5 we saw in last month’s report. The average production estimate come in near 15.050 billion bushels, up from 15.019 billion bushels.


Technicals: December corn futures continued their descent yesterday, trading into our pivot pocket, which was previously resistance and the secondary breakout point from the recent rally. If the Bulls fail to defend this pocket, we could see additional long liquidation take us back to.....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 100,000 metric tons of soybeans for delivery to Egypt during the 2021/2022 marketing year.


Fundamentals: This morning’s weekly export sales report showed Net sales of 1,863,900 MT for 2021/2022 were up 58 percent from the previous week and 19 percent the prior 4-week average. Attention has shifted to next Tuesday’s USDA report. The average yield estimate comes in at 51.9 bushels per acre, this would be up from 51.5 we saw in last month’s report. The average production estimate come in near 4.484 billion bushels, up from 4.448 billion bushels.


Technicals: It’s the same story, just another day, in terms of the soybean technical landscape. The market has been consolidating over the last week and a half, basically tethered to the 1250 level (give or take). We believe the fundamentals give the advantage to the Bears, but the inability to break the market with the bearish headlines is a caution flag for the bear camp. Resistance remains intact from 1266 ½-1273 ½, a breakout above this pocket would spur a.....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 400,100 metric tons (MT) for 2021/2022 were up 49 percent from the previous week and 4 percent from the prior 4-week average.


Technicals: Chicago wheat futures continued lower yesterday but managed to defend support from 780-786 ½. This pocket was the breakout point from Monday and the old contract highs. A break and close below this pocket could open the door for additional selling pressure to take us back to.....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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