• Oliver Sloup

Grain Express

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Corn (July)


Fundamentals: We were optimistic on corn into option expiration, Friday, but that fell flat of expectations which led us to tighten things up into the weekend and look on the sell side for some clients. Last week we noted an open window for planting through the Midwest and that’s what we got over the weekend. Not to mention wet weather concerns will not carry the weight they once did, after last years performance during one of the wettest springs on record. Crop Progress will be out after the close, estimates are for corn to be 20-25% planted. Friday’s Commitment of Traders report showed funds were net sellers of 23,485 contracts, expanding their net short position to 161,057.


Technicals: Lower highs were marked last week, keeping the path of least resistance as lower. Are lower lows around the corner? We would not count it out. First support for July corn comes in from 316-317 ¾. A break below here takes us to retest the contract lows at 309. On the resistance side of things, the Bulls have their work cut out for them. The first significant barrier comes in from 330-333. Consecutive closes above here would start to neutralize the chart, until then, the Bears remain in control.


Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bullish


Resistance: 330-333****, 343 ¼-344 ¾**

Pivot: 316-317 ¾

Support: 308 ¼-310*** 298 ¾-301 ¼**


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

Soybeans (July)


Fundamentals: July soybeans railed to hold ground into the weekend as market participants exhibited a buyers strike. Friday’s Commitment of Traders report showed funds sold a net 15,386 contracts, putting them net short 2,864 contracts. This is a neutral position for funds, which should be a little nerve racking for the Bulls. If fundamentals don’t become more friendly, funds have powder to press the short side.


Technicals: Last Tuesday’s reversal was as encouraging as it gets, but Thursday’s reversal off the highs coupled with Friday’s collapse has muted that optimism in the near term. Support today comes in from 829-834. A close below here and we likely revisit the contract lows of 818 ½. Resistance comes in from 857-861 ¼. Consecutive closes above this pocket would Neutralize the chart, until then, the Bears remain in control.


Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bullish


Resistance: 857-861 ¼****, 871 ¼-875**

Pivot: 829-834

Support: 818-821***, 808 ¼***, 791**


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

Chicago Wheat (July)


Fundamentals: July wheat futures broke down on Friday and are continuing to see pressure in the early morning trade as it seems bullish headlines exhausted themselves in the past weeks. Friday’s Commitment of Traders report showed funds were net sellers of 1,379 contracts, trimming their net long position to 24,001 contracts. We would not be surprised to see continued liquidation here in the coming weeks.


Technicals: Lower highs and lower lows continue to persist, keeping the Bears in control. First support today comes in from 520-525. This pocket represents the lows from April 17th and the breakout point from March 19th. A break and close below here opens the door for accelerated selling, potentially taking us back below the psychologically significant $5.00 handle.


Bias: Bearish

Previous Session Bias: Neutral/Bearish


Resistance: 538-540 ½**, 552-554 ¾***, 562-565½****

Pivot: 520-525

Support: 506 ¼-512 ¼***, 491 ¾-494 ¼****


Feel free to call/text/email, Oliver with any questions. Oliver@BlueLineFutures.com 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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Futures trading involves substantial risk of loss and may not be suitable for all investors.