Grain Express | 11.5.2021

We post a lot of content throughout the day, stay up to date by joining our Facebook group and subscribe to our YouTube channel! Click to join our Facebook group Ag Chat group!

Click to subscribe to our YouTube channel!



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

Fundamentals: Corn futures were lower yesterday but held relatively well compared to the pressure we saw in the soybean market. Yesterday’s export sales data was good which may have helped ease some of the selling pressure. With little new news on the wire in the overnight session, the money-flow and technicals are leading the charge in the early morning trade. 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: Corn futures continued to drift lower in yesterday’s session, trading as much as 29 ½ cents off the Tuesday high and marking the third consecutive day of lower closes. Our pivot pocket remains 563 ¼-566 ¾. If the Bulls fail to reclaim ground above this pocket, we could see additional long liquidation take us back to.....Click here to get our (FULL) daily reports emailed to you!

Bias: Previous Session Bias: Resistance: Support: Soybeans (January) Fundamentals: Yesterday’s weekly export sales were good, but not good enough to support prices. The USDA also announced a flash-sale yesterday, 100,000 metric tons of soybeans for delivery to Egypt during the 2021/2022 marketing year. This was good to see, but just another drop in the bucket. 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: January soybean futures broke below support from 1227-1231 ¾, opening the door for a potential retest of our next support pocket, 1194 ¾-1200. This pocket represents the psychologically significant $12.00 handle, as well as the October 13th lows, and other previously important price points. Previous support (1227-1231 ¾) now becomes resistance, the Bulls need to achieve a conviction close or consecutive closes above this pocket to.....Click here to get our (FULL) daily reports emailed to you!

Bias: Previous Session Bias: Resistance: Support: Wheat (December) Technicals: Wheat futures were lower yesterday, with spring wheat being the focal point (watched, not traded). If that market continues to soften up, it is likely we see Chicago and KC contracts weaken as well. 780-786 ½ is our pivot pocket, a failure to reclaim ground above here could take prices back down to.....Click here to get our (FULL) daily reports emailed to you! Bias: Previous Session Bias: Resistance: Support:


If you have any questions about markets, trading, or opening an account please let us know!


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


BlueLineFutures.com

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.

10 views0 comments

Recent Posts

See All