• Oliver Sloup

Grain Express

Corn (May)


Fundamentals: May corn futures made several attempts to rally last week but failed to hold those attempts through the close, which has kept the funds comfortably short. Friday’s Commitment of Traders report showed funds net short position at 99,925 contracts. This is a decent sized position, but far from a record. The fundamental headwinds remain stout, keeping the bear camp in full control, fundamentally and technically. We are also entering planting season, so you can expect weather to become a common headline.


Technicals: Early last week we were optimistic we could see a bit of a short covering rally on a near term double bottom. The small rally and failure on Thursday set the tone for Friday’s weakness which has bled into the new week. Finding technical support when we are trading in uncharted territory becomes more of a guessing game, as there is nothing to go off in terms of previous interactions between buyers and sellers. This leads us to the continuous chart, taking us back to the August lows of 2016. Though the fundamentals and technicals continue to lean bearish, our bias remains at Neutral to start the week. .......Click this link to get the FULL report, or email Oliver@BlueLineFutures.com


Bias: Neutral

Previous Session Bias: Neutral


Resistance: 343 ¼-344 ¾**, 354-356 ¾***

Pivot: 330-332

Support: 325**, 313 ¾-315 ¼***

Soybeans (May)


Fundamentals: May soybean futures broke lower last as the hope for bullish news fell flat, after Tuesday’s USDA report. Friday’s Commitment of Traders report sowed funds net long position of 22,906 contracts, versus the net short position of 4,715 we saw in the previous week. The recent weakness in soybean meal hasn’t done the bull camp any favors. This will be something to keep a close eye on to start this week’s trade.


Technicals: The chart was set up for the bulls ahead of last week’s USDA report, but the inability to breakout above resistance led to a retest and eventual breakdown of support. That took us down to 858, an area that we liked buying on the first test. The inability to see springboard relief led us to scratch that idea and sit back on our hands into the weekend. If the bulls fail to reclaim ground above 854-858 ¾ on a closing basis, we could see a retest of the March lows, 821. .......Click this link to get the FULL report, or email Oliver@BlueLineFutures.com


Bias: Neutral

Previous Session Bias: Neutral/Bullish


Resistance: 871 ¼-875**, 888 ½-889 ¾***

Pivot: 854-858 ¾

Support: 842-845 ¼***, 820-821**

Chicago Wheat (May)


Fundamentals: Chicago wheat retreated last week but remains constructive (more so technical than fundamentally). Weather conditions in the Black Sea region are still in the need of rain which is supportive for prices. Around the world you are also seeing countries build their reserves and stockpiles. Friday’s Commitment of Traders report showed funds holding a net long position of 36,756 contracts, an increase of 16,613 contracts.


Technicals: The market pulled back into our 4-star support on Thursday, we had defined that as 540 ½-542 ½. We suggested this would be the spot for shorts to reduce and longs to re-enter positions. This support pocket remains intact, and very pivotal for price direction. The bulls must avoid a retest to these levels, if they do, it is possible that we see a bigger technical breakdown. First resistance today comes in from 564-568 ½. If the bulls can chew through this pocket, we would expect to see an extension towards they psychologically significant $6.00 handle, in sort order. .......Click this link to get the FULL report, or email Oliver@BlueLineFutures.com


Bias: Neutral/Bullish

Previous Session Bias: Neutral


Resistance: 564-568 ½****, 590 ¾***, 600-603 ¼**

Support: 540 ½-542 ½****, 525-258 ¼****


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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