• Oliver Sloup

Grain Express

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Corn (December)


Fundamentals: December corn futures chopped around yesterday but are rolling over in the overnight/early morning trade on the back of technical selling. Today’s export sales report showed Net sales of 2,139,000 MT for 2020/2021 were primarily for China (566,400 MT), unknown destinations (371,500 MT).


Technicals: Corn futures are continuing to breakdown, testing our first support pocket which we have had defined as 359 ½-363 ¼. This pocket represents previously important price points, a key retracement, and the 200-day moving average. A failure to hold this level would.....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: November soybean futures are continuing to retreat in the early morning trade as long liquidation persists. Today’s export sales report showed Net sales of 3,194,700 MT for 2020/2021 were primarily for China (1,879,100 MT, including 198,000 MT switched from unknown destinations and decreases of 6,100 MT) and unknown destinations (770,500 MT).


Technicals: The soybean market has pulled back into our 4-star support pocket, 995-1000 ¾. This is a pocket we have been talking about from the end of last week and the start of this week, noting that options expiration (tomorrow) may play a role in pinning prices near here. The.....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: Today’s export sales report showed net sales of 351,200 metric tons (MT) for 2020/2021 were up 5 percent from the previous week, but down 34 percent from the prior 4-week average.


Technicals: In our previous daily reports we have talked about a break below 554 ½-557 ½ taking us to our next support pocket, 540-542 ½. This pocket represents previously important price points, a key retracement, and the 200-day moving average. Just below this pocket is.....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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