• Oliver Sloup

Grain Express

Corn (July)

Fundamentals: Corn futures were softer yesterday as we continue to trade in a technical range. Weekly export sales this morning came in at 774,600 metric tons, within the range of expectations. Energy markets are showing signs of stabilization as travel starts to pick back up. Yesterday’s weekly EIA ethanol report showed production increased for the first time in the last eight weeks. Inventories are also off their highs.


Technicals: Corn has not gone anywhere fast in the last two weeks, trading in a sideways channel. We have removed the bearish tilt from our bias and believe there is a good risk/reward setup here to the buyside. Our pivot pocket remains intact from 316-317 ¾. The Bulls need to see this defended for consecutive days, more importantly they need to see consecutive closes above resistance, 320-325. This would likely spark a wave of short covering from funds.


Bias: Bullish/Neutral

Previous Session Bias: Neutral


Resistance:

Pivot: Contact us for the technical levels

Support:

Soybeans (July)

Fundamentals: Soybeans retreated yesterday as little new news created a buyers strike. Export sales this morning came in at 653,100 metric tons, towards the low end of expectations. Increasing tensions between the United States and China will continue to be a psychological headwind that could keep the Bull camp from getting overly excited about buying.


Technicals: The market tested and held our pivot pocket again yesterday, keeping it intact from 829-834. The bulls NEED to see a springboard reaction off this, lingering at these levels for too long could lead to a technical breakdown. On the resistance side, there is not a lot until 857-861 ¼. We do like the long side here for a short-term trade but would not get marred to it and would not be aggressive with size.


Bias: Neutral/Bullish

Previous Session Bias: Neutral


Resistance:

Pivot: Contact us for the technical levels

Support:

Chicago Wheat (July)

Fundamentals: Weekly export sales this morning came in at 244,800 metric tons, within the range of expectations. Frost concerns for some areas in the Midwest have offered some support in the overnight and early morning trade.


Technicals: The market has rallied back into our 4-star resistance pocket, 525-529. If you want to be short and reduced against technical support on Monday, this is the spot to consider re-entering short positions.


Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish


Resistance:

Pivot: Contact us for the technical levels

Support:


Feel free to call/text/email, Oliver with any questions. Oliver@BlueLineFutures.com and 312-837-3938

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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Futures trading involves substantial risk of loss and may not be suitable for all investors.