• Oliver Sloup

Grain Express


Corn (July)

Fundamentals: Yesterday’s Crop Progress report showed the U.S. corn crop is 95% emerged with a good/excellent rating of 71%, 4% below the average analyst estimate and last week’s rating. The drop in the condition rating has spurred some overnight buying, but the Bulls want to see that carry over into the floor open at 8:30am CT. Weekly export inspections came in at 910,000 metric tons, within the range of expectations.

Technicals: Technical indicators have been turning up over the last month, albeit very slowly. Significant resistance remains intact, the top end of that coming in at 333. This is the line in the sand that the Bulls need to see a close out above to spark a more meaningful short covering rally. A breakdown below 320-325 would not only neutralize our bias, but likely give the Bear camp the technical advantage.

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

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


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

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

....Contact us for the FULL report! Soybeans (July) Fundamentals: July soybean futures were under pressure early on yesterday but managed to finish the day back near unchanged, along with the outside markets. Yesterday’s Crop Progress report showed the U.S. soybean crop is 93% planted and 81% emerged, with a good/excellent rating of 72%, in line with expectations. Yesterday’s export inspections came in at 376,000 metric tons, blah. The USDA did announce another sale of 390,000 metric tons to China for 2020/2021, this has been a common trend as of late.

Technicals: The technical landscape for soybean futures continues to firm, keeping the Bulls in control. Significant resistance remains intact from 877 ½-882 ¼, a conviction close above this pocket could spark a wave of buying, potentially taking us back to the technically and psychologically significant $9.00 handle. A break and close back below 857-861 ¼ (previous resistance) would neutralize our bias.

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

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

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

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

....Contact us for the FULL report! Chicago Wheat (July)

Fundamentals: Yesterday’s Crop Progress report showed winter wheat harvest at 15% complete, 2% behind the expected pace. Good/excellent ratings came in at 50%, 1% below last week’s reading. Spring wheat is 95% emerged with a good/excellent rating of 81%, 1% below last week’s read. Weekly export inspections came in at 444,000 metric tons, towards the low end of expectations.

Technicals: The market managed to rally off the lows yesterday, finishing the day right in our pivot pocket, 502 ¼-505 ¾. If the Bulls can achieve consecutive closes above this pocket, perhaps we see the market try to carve out another near-term bottom. A failure to get traction above the pivot pocket could take us back to retest support in the low 490’s, one more run at that pocket could be enough to break it another leg lower.

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

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


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

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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