Grain Express

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Corn (May)

Fundamentals: Corn futures managed to feed off Tuesday’s reversal, sparking a short covering rally that has spilled into strength in the early morning trade. Option expiration tomorrow and a firm energy trade has also lent hand to support. Export sales this morning came in at 726,700 metric tons, down 20% from last week and 49% from the 4-week average. Keep in mind that this data is from April 10th-16th, so in a sense it is old news.

Technicals: Tuesday’s reversal off the lows sparked additional sort covering yesterday, leading to strength to start today’s trade. 313 ¾-315 ¼ is our pivot pocket, if the bulls can defend this we could see additional buying take us into the low 330’s, an area we have talked about being a potential magnet as we head into option expiration tomorrow.

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

Resistance: 330-332****, 343 ¼-344 ¾**

Pivot: 313 ¾-315 ¼

Support: 298 ¾-301 ¼**

Soybeans (May)

Fundamentals: The market has traded as much as 40 cents off the lows from Tuesday as bargain buyers have been seen stepping in. Export sales this morning came in at 344,900 metric tons, this is 41% higher than last weeks data, but still poor and 48% below the 4-week average. As mentioned with corn, this data is collected from April 10th-16th, so in a sense it is old news.

Technicals: We talked about Tuesday’s reversal being extremely encouraging in yesterdays report and the need for follow though. We got that follow through yesterday which has sparked another wave higher this morning, taking us closer to our target in the bid 850’s. The bulls will need to defend 842-845 ¼ today. A failure to do so will likely but our bias back at outright Neutral.

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

Resistance: 854-858 ¾****, 871 ¼-875**

Pivot: 842-845 ¼

Support: 820-821***, 808 ¼***, 791**

Chicago Wheat (May)

Fundamentals: Chicago wheat has been consolidating after trading in a wide range to start the week as market participants search for new news to offer the market new direction. Export sales this morning came in at 244,700 metric tons, up 37% from last week but 22% below the 4-week average.

Technicals: In our reports this week we have talked about our expectation for the market to chop and consolidate within the mid 540 area, this is what we have seen over the past several sessions. There is a lot of indicators near here and a lot of previous interaction between buyers and sellers. Top sie resistance and significant support remain intact from yesterday’s report, look to buy, or sell the low/top end of those respectively. Right here in the middle of the range there is not much to do. We will probably look to be more aggressive on the sell side if we get a pop.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 564-568 ½****, 587-590 ¾****

Pivot: 540 ½-542 ½

Support: 525-258 ¼****, 506 ¼-512 ¼***, 491 ¾****

Feel free to call/text/email, Oliver with any questions. and 312-837-3938

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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