• Oliver Sloup

Grain Express


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Corn (May)

May corn futures were under moderate pressure for much of the day but managed to finish the session near unchanged. Export sales this yesterday came in at a whopping 1,814,300 for old crop corn, 81% above the 4-week average. There had been some speculation that China was in the market and that is why corn has been holding so well, despite the headwinds from ethanol and staring down 94 million acres, potentially. Assuming the world is still in one piece come Monday, attention will turn towards the Quarterly Stocks and Prospective Plantings report, out on Tuesday morning. We will have estimates available over the weekend.


With yesterday’s close near unchanged, many of the technicals remain intact. First resistance comes in from 354-356 ¾. If the bulls were able to chew through this pocket, we could see an extension towards.....Click this link to get the FULL report, or email Oliver@BlueLineFutures.com

Soybeans (May)

May soybeans worked lower early yesterday but managed to finish closer to unchanged. Weekly export sales this morning came in at 904,300 metric tons for old crop beans, 43% higher than last week. As mentioned with corn, assuming the world is still in one piece come Monday, attention will turn towards the Quarterly Stocks and Prospective Plantings report, out on Tuesday morning. We will have estimates available over the weekend.


The market has left some long tails over the past two sessions, shaking out weak longs and weak shorts. This consolidation could set up for a bull flag and another leg higher. 899 ½-902 ¼ is not only a psychologically significant level, but also technically as it represents the 50% retracement from the October highs to the recent lows. If you have been able to ride the wave higher, this would be a spot to consider reducing exposure. We would look for a pullback as a buying opportunity. Previous resistance now becomes support, we see that as.....Click this link to get the FULL report, or email Oliver@BlueLineFutures.com

Chicago Wheat (May)

Yesterday’s Weekly export sales came in at 740,000 metric tons, 73% higher than the 4-week average. Chicago wheat gave back some ground yesterday on profit taking, after a huge rally that took us from oversold to overbought in nearly record time. The market looks poised for a retest of the January highs 590 ¾ and it looks as if we could see prices make a press closer to the psychologically significant $6.00 level. We would consider selling against this level but would want to see how we trade there before committing to it right now. On the flip side, we would buy a pullback into.....Click this link to get the FULL report, or email Oliver@BlueLineFutures.com


Sign up for your FREE two week trial of our daily commodity reports!

or Email Oliver with questions/comments: Oliver@BlueLineFutures.com


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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