Grain Express

Outside Markets: Stock indices are higher this morning, at times trading to the limit up circuit breaker (5%). The oil market is firm as of writing this, but over $1 off the highs.

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Corn (May)

Corn futures traded in a relatively tight range yesterday as the market tries to catch its breath. Does that mean the bottom is in? No. The technical failures and tails left on the chart from Thursday and Friday are still concerning. A near term consolidation could set up for a Bear Flag. The bears have control until we see consecutive closes back above 354-356 ¾. The lingering fundamental concern is the ethanol demand coming to a screeching halt.

Bias: Neutral/Bearish

Previous Session Bias: Neutral

Resistance: 363 ½-365 ¾****, 373 ¼-375**

Pivot: 354-356 ¾

Support: 330-332

Soybeans (May)

May soybeans extended their rally yesterday on the back of hopes for better demand and potential port disruptions in South America. The market is giving back some of those gains in the early morning trade as recent buyers look to capitalize on a heck of a run over the last three sessions. Resistance remains intact from 888 ½-889 ¾. This pocket represents the gap from March 6th, along with other previously important price points. There’s not a log of significant support until we get back down to 854-854 ¾.

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

Resistance: 888 ½-889 ¾***

Pivot: 875

Support: 854-854 ¾***, 842-845 ¼***, 820-821**

Chicago Wheat (May)

May wheat ran up to our 4-star resistance pocket but couldn’t get out above it, we have had that defined as 564-568 ½. This pocket represents a key retracement, along with other previously important price points. We wouldn’t be surprised to see some relief take us bac in to the low to mid 540’s but the bulls now have the technical advantage and we would consider using a pullback to these levels as a buying opportunity.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 564-568 ½****

Pivot: 550-551 ½

Support: 540 ½-542 ½***, 523-528 ½***, 488 ¼-494****

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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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