Today's USDA report will be out at 11:00 AM CT
Call today's close correctly for November soybeans or December corn for bragging rights and a one of a kind trophy!
*Deadline: 10:59 AM CT 9/30/20 *We are going off the closing price at 1:20 pm CT
Email Oliver@BlueLineFutures.com with your guess!
Fundamentals: December corn futures finished the day little changed, as market participants await today’s quarterly stocks report. The range of estimates for corn stocks come in from 2.12-2.574 billion bushels, the average coming in at 2.25. Keep in mind that it is also the end of the month and quarter, which could add some volatility to the markets, via position squaring.
Technicals: The market tested and held significant support, again; 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 soybean futures continued to slide lower yesterday as harvest pressure and long liquidation outweighs any positive fundamentals, ahead of today’s quarterly stocks report. The range of estimates for corn stocks come in from .490-.608 billion bushels, the average coming in at .576. Keep in mind that it is also the end of the month and quarter, which could add some volatility to the markets, via position squaring.
Technicals: Soybeans are trying to stabilize; today’s quarterly stocks report could make or break that effort. If soybeans cannot reclaim ground back above the $10.00 handle, we could see continued long liquidation take s back to our first support pocket, 980-982 ¾.
Bias: Neutral 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: the USDA’s Quarterly Stocks report will be out at 11:00 AM CT. The range of estimates come in from 2.15-2.38 billion bushels, the average estimate coming in at 2.242 billion bushels.
Technicals: Chicago wheat futures are working higher this morning after defending technical support earlier in the week. First resistance is being tested; we have defined that as 554 ½-557 ½. Consecutive closes above this pocket could propel us to retest the highs from September 18th, 578.
Bias: Neutral 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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