• Oliver Sloup

Grain Express

Corn (July)


Fundamentals: Corn futures finished last week’s trade at the top end of the range, closing at the highest price since the middle of April. Friday’s Commitment of Traders report showed funds bought back 24,270 contracts (net) through June 16th, shrinking their net short position to 277,603 net contracts. Weekly Crop Progress report will be out this afternoon, after the close. Analysts are expecting to see crop conditions at 71% good/excellent, unchanged from last week.


Technicals: Funds managed to cover nearly 25,000 contracts without making new highs for the recent move, a bit of a disappointment for the Bull camp who has been looking for a bigger short covering wave (including us). Last week we talked about 330 being the new 320, a near term magnet, especially with option expiration on Friday.


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....Contact us for the FULL report!

Soybeans (July)


Fundamentals: July soybean futures made a run into our resistance pocket on Friday as trades put some premium into prices, ahead of the weekend. Friday’s Commitment of Traders report showed funds are net long 21,183 contracts, a very modest position. Crop Progress will be out after the close, analysts are expecting to see good/excellent ratings near 72%, unchanged from the previous week.


Technicals: July soybeans worked into our 3-star resistance pocket on Friday, 877 ½-882 ¼. We had talked about this pocket for the past few weeks. Though we remain optimistic on prices, we like reducing long exposure against technical resistance on the first test (especially into a weekend). The 100-day moving average may offer some minor support today, that comes in at 869 ½.


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....Contact us for the FULL report!

Wheat (July)


Fundamentals: Wheat futures got taken to the cleaners last week as harvest pressure continues to weigh on prices. Friday’s Commitment of Traders report showed funds are net short 30,251 contracts. Crop Progress this afternoon is expected to show spring wheat crop conditions at 81% good/excellent. Winter wheat harvest is expected to be near 34% complete.


Technicals: The triple bottom support from 491 ¾-494 ¼ failed last week which has led to a whoosh lower. Our next support pocket below that pocket comes in at 468 ¼, that represents the contract lows from last fall. If we make it down to that point, we would not be surprised to see a stop hunt below those prices and then possibly relief, as it will likely take us into deeply oversold territory.


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


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

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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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