• Oliver Sloup

Grain Express



Tomorrow's USDA report will be out at 11:00 AM CT

Call tomorrow's close correctly for November soybeans or December corn for bragging rights and a one of a kind trophy!

*We will begin accepting guesses after today's close. Deadline: 10:59 AM CT 9/30/20

Submit your guess here: https://www.bluelinefutures.com/guess-the-number


Corn (December)

Fundamentals: December corn futures were under pressure Sunday night and Monday morning, but managed to firm up shortly after we got more participation on the “floor open”. The USDA announced another flash sale yesterday morning, this time to the tune of 317,940 metric tons: 207,140 to “Unknown” and 110,800 to Japan. Weekly export inspections came in at 807,000 metric tons, within the range of expectations. Crop Progress was released after the close, that showed harvest in the U.S. is 15% complete, expectations were 14-16%.

Technicals: The market tested and held significant support; we have had that defined as 359 ½-363 ¼. This pocket was the breakdown point in March, resistance in July, and the eventual breakout point from the first half of September. This pocket also represents a key retracement and the 200-day moving average. This has been a trend changing pocket in the past and has the ability to be the same going forward. The Bull camp has the technical advantage until we see consecutive closes back below this pocket.

Bias: Neutral Previous Session Bias: Neutral

Resistance: 377 ¼-379 ½***, 385-386 ¾**** Support: 359 ½-363 ¼***, 343 ¾-346****

Soybeans (November)

Fundamentals: November soybeans made new lows for the move as harvest pressure continues to be a near-term headwind for the market. What has kept the market from completely falling apart is a string of good export data over the last month. The USDA announced another flash sale yesterday, this time to the tune of 218,300 metric tons to “Unknown”. Weekly export inspections came in at 1,212,000 metric tons, within the range of expectations. Crop Progress was released after the close, that showed harvest in the U.S. is 20% harvested, expectations were 15-17%.

Technicals: November soybean futures are continuing to retreat in the early morning trade, if this persists, we could see the decline in prices take us down to previous resistance and the breakout point from September 11th, 980-982 ¾.

Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish

Resistance: 1013 ¾-1018 ¼**, 1046 ¾-1050*** Pivot: 995-1000 ¾ Support: 980-982 ¾***, 964 ¼-866 ¾**, 950-952** Chicago Wheat (December)

Fundamentals: Chicago wheat futures saw a sharp reversal in yesterday’s session as market participants try to access potential losses from dry weather in Russia and a Frost in Australia. Weekly export inspections came in at 563,000 metric tons, this was within the range of expectations. Yesterday’s Crop Progress report showed winter wheat is 35% planted and 10% emerged.

Technicals: Chicago wheat futures staged an impressive reversal yesterday after defending support (on a closing basis), we have defined that as 540-542 ½. The fact that the market was able to springboard off support and finish near the highs of the day has us moving our bias from Bearish/Neutral to Neutral/Bearish, aka cautiously pessimistic.

Bias: Neutral/Bearish Previous Session Bias: Bearish/Neutral

Resistance: 554 ½-557 ½***, 577 ½-581 ¼**** Pivot: 540-542 ½ Support: 526 ½-530***


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