• Oliver Sloup

Grain Express

Watch us on RFD-TV, today at 9:45 AM CT! Corn (December)

Fundamentals: Corn futures finished last week’s session on a high note but are struggling to find follow-through in the overnight/early morning trade of a new trading week. Friday’s Commitment of Traders report showed funds added 25,062 contracts, net, through September 15th, expanding their net long position to 58,556. This afternoon’s crop progress report is expected to show US corn harvest near 11% complete, harvest selling could provide a headwind for prices in the near term.

Technicals: December corn futures remain in overbought territory, with the RSI (relative strength index) at 71.97. This alone is not enough of an indicator to halt the market, but it does suggest that the near-term risk of profit-taking may reduce the appetite of new buyers. Our three-star resistance pocket is slightly changed this morning, which now comes in from.....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.


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Soybeans (November)

Fundamentals: November soybeans have had one of their greatest rallies in years, how much more upside is growing debate between market participants. What is often left out of the debate is the time frame. With the funds just a stone’s throw away from record length, the near-term upside may be somewhat limited. On a longer-term timeframe, it is very possible that we have awoken a sleeping Bull. Exports will continue to be a big-ticket item over the next several months. Near term, harvest pressure may be a bit of a headwind. This afternoon’s crop progress report is expected to show US bean harvest roughly 5% complete.

Technicals: The market has rallied over a dollar since entering overbought territory, so the bear camp is going to need more of a catalyst to call for a correction. One thing that we are watching closely is the net long position of the funds, they are near their record long position from 2012. If we see.....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:


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Chicago Wheat (December)

Technicals: Chicago wheat futures blue through resistance pockets on Friday, taking prices to levels not seen since February. If the Bulls can keep this momentum, we would not be surprised to see an extension of this rally towards.....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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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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