• Oliver Sloup

Grain Express

Corn (July)


Fundamentals: Weekly export inspections came in at 1,100,00 metric tons, this was towards the top end of estimates. Yesterday’s Crop Progress report showed corn planting is 97% complete in the U.S., in line with estimates. Good/Excellent ratings came in at 75%, as expected and well above last year’s rating of 59%.


Technicals: The market worked into our 4-star resistance pocket, 330-333 and man aged to close a notch above. That falls short of a conviction breakout which may lead to some position squaring/producer selling as we head into Thursday’s USDA report. As mentioned in yesterday’s report, “We remain upbeat on prices but believe this is a spot to capitalize on if you had bought at lower prices over the last few weeks.”. Previous resistance will now be support, we have that listed as 320-325.


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....Contact us for the FULL report!

Soybeans (July)

Fundamentals: July soybean futures dropped back near technical support yesterday (see technical section below) as traders looked to square up some positions ahead of this week’s USDA report. We will have estimates out in the coming days. Weekly export inspections came in at 433,000 metric tons, near the low end of estimates. Weekly Crop Progress showed soybean planting is 86% complete, with a good/excellent rating of 71%, both are inline with expectations.

Technicals: The soybean market continues to pullback, approaching our first support pocket, 857-861 ¼, this was previous resistance and the breakout point from last week. If you had reduced long exposure on Friday like we had talked about in our reports, this would be an opportunity to put that exposure back on.


Bias: ---------------------

Previous Session Bias: ---------------------


Resistance: ---------------------

Support: ---------------------

....Contact us for the FULL report!

Chicago Wheat (July)


Fundamentals: July wheat futures are continuing to bleed lower after last week’s failure at technical resistance (See technical section below). Weekly export inspections came in at 213,000 metric tons, below the low end of estimates. Weekly crop progress showed spring wheat planting is 97% complete. Winter wheat conditions are at 51% good/excellent, within the range of estimates.


Techncials: The market pulled back into our support pocket, 512 ¼-514 ¼, and is trading below that in the early morning hours. If the Bull camp fails to defend this pocket on a closing basis, we could see the selling accelerate, taking us back below the psychologically significant $5.00 handle. If you want to be a buyer of wheat and reduced against resistance like we had talked about in last week’s report, this isn’t a bad spot to give it a shot, but you need to see some support come into prices before the close.


Bias: ---------------------

Previous Session Bias: ---------------------


Resistance: ---------------------

Pivot: ---------------------

Support: ---------------------

....Contact us for the FULL report!


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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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