• Oliver Sloup

Grain Express

Corn (December)


Fundamentals: Corn futures rolled over yesterday, as a round of profit-taking brought prices back near Thursday’s close. Soybeans have helped lead the way higher, if they really do turn, that could spill into pressure for corn prices. Due to Columbus Day, crop progress data will be released today after the close.


Technicals: Early in yesterday’s session, the market pressed up against our psychologically and technically significant resistance pocket, 400-405. This pocket represents the top end of the range in January. As mentioned in last week’s report, we would not be surprised to see the market start to consolidate against this resistance pocket. The RSI is currently at 66.88, not in “overbought territory”. Significant support comes in from.....Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.


Bias:

Previous Session Bias:

Resistance:

Support:

Soybeans (November)


Fundamentals: We know that the carryout numbers are continuing to decline, the big question going forward is, how much of that is priced in, and how will the South American crop be? Planting in Mato Grosso is roughly 3.2% complete, well behind the 18.7% pace, we saw last year and the slowest pace in 10 years. Due to Columbus Day, crop progress data will be released today after the close.


Techncials: Soybeans traded in a 42-cent range yesterday, which really started with Friday’s relatively mute reaction to the USDA report. Beans had every reason to rally on Friday but finished the session lower than we were one-minute before the report, a bit of a fundamental rejection. In yesterday’s report, we wrote: “Perhaps this is an indication that the recent string of bullish news has been mostly priced into the market.”. The inability to gain ground to start the week sparked a wave of long liquidation. 1046 ¾-1050 remains our pivot pocket, if the Bulls fail to regain ground above this pocket, we could see the near-term weakness persist. The next significant support pocket comes in from.....Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.


Bias:

Previous Session Bias:

Resistance:

Support:

Chicago Wheat (December)


Technicals: Chicago wheat futures were able to hold their own yesterday, despite the wave of pressure we saw in corn and soybeans. We were shocked to see wheat hold so well yesterday with that outside weakness. The Bulls remain in control of the technical landscape, but the fundamentals are questionable. Our bias is at Neutral/Bearish, or cautiously pessimistic. If the Bulls fail to reclaim.....Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias, and proprietary levels emailed each morning.


Bias:

Previous Session Bias:


Resistance:

Support:


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