Grain Express | 11.8.2021

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Corn (December)


Breaking: Private exporters reported sales of 150,000 metric tons of corn for delivery to Colombia during the 2021/2022 marketing year.


Fundamentals: December corn futures were lower on Friday, extending losses for the week to 15 ¼ cents. Friday’s Commitments of Traders report showed funds were buyers of 83,617 futures/options contracts, keep in mind that this is a lagging indicator and only includes reporting through November 2nd (last Tuesday). On the plate this week, tomorrow’s USDA report. 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 are working on their fifth consecutive lower close, trying to erase the gains from the 4 sessions prior to the decline. This has brought prices back near the original breakout point, 543 ¾-548 ½. This is a must hold pocket for the Bulls, a failure to do so could spark technical selling and long liquidation. On the resistance side of things.....Click here to get our (FULL) daily reports emailed to you!

Bias:

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Soybeans (January)

Fundamentals: January soybean futures were under pressure on Friday, extending losses for the week to a whopping 44 cents. Friday’s Commitments of Traders report showed funds were net buyers of 18,248 futures/options. As mentioned in the corn section, you need to remember that the CoT (commitments of traders) report is lagging data and only includes reporting through Tuesday. Attention this week will be on tomorrow’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 continue to bleed lower this morning. Taking prices back below the psychologically significant $12.00 handle and near the October 13th lows, 11.95 ¾. Below this pocket is 1183 ¾, the March 31st lows. On the resistance side of things, the Bulls not only need to defend support, but they need to regain ground above.....Click here to get our (FULL) daily reports emailed to you!

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Wheat (December)

Technicals: Chicago wheat was the “top performer” last week, of the big three (corn, soybeans, wheat). December wheat futures were only down 6 ¼ cents for the week and are treading near unchanged in the early morning trade. In Friday’s report we wrote: “780-786 ½ is our pivot pocket, a failure to reclaim ground above here could take prices back down to 765-768.”. Prices have been able to hold that support thus far. A failure to defend support could lead 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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