• Oliver Sloup

Grain Express

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Corn (December)


Fundamentals: Corn futures recovered early losses from the Tuesday night trade and rallied as optimism around future demand continues to grow, along with spillover momentum from soybeans. Weekly export sales this morning showed Net sales of 1,609,200 MT for 2020/2021, primarily for unknown destinations, this was towards the top end of expectations.


Technicals: Corn futures were retreating late Tuesday night but rebounded sharply into the Wednesday morning open after defending technical support, propelling prices to their highest close since March 13th. The market pressed up against our next resistance pocket early this morning, we have defined that as 373-377 ¼. We continue to believe.....Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.


Bias:

Previous Session Bias:

Resistance:

Support:

Soybeans (November)


Fundamentals: Soybean futures made new highs for the move in the overnight session but are backing off as broad-based risk-off sentiment seeps into the markets. Weekly export sales this morning showed Net sales of 2,457,100 MT for 2020/2021 were primarily for China (1,487,100 MT, including 264,000 MT switched from unknown destinations and decreases of 13,900 MT) and unknown destinations (499,300 MT), this was towards the upper end of expectations.


Technicals: The market is over 10 cents off the highs from the overnight session, the opposite of what we saw late Tuesday night/early Wednesday morning, perhaps this lends hand to a meaningful round of profit-taking in the back half of the week. The RSI (relative strength index) is at 79, still extremely overbought. That does not mean the market cannot go higher, but it indicates that there may not be much juice left in this grape, near term. On the resistance side of things.....Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.

Bias:

Previous Session Bias:

Resistance:

Support:

Chicago Wheat (December)


Fundamentals: This morning’s weekly export sales showed Net sales of 335,700 metric tons (MT) for 2020/2021 were down 31 percent from the previous week and 42 percent from the prior 4-week average.


Technicals: Chicago wheat futures continue to linger near first support, which we have had defined as 540-542 ½. The Bear camp needs to defend this level on a closing basis to remain in clear control. Consecutive closes above here would start to .....Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.

Bias:

Previous Session Bias:

Resistance:

Support:





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