• Oliver Sloup

Grain Express

Corn (December)

Fundamentals: Money flow continues to be the dominant theme in the grain complex as funds continue to build and defend their long position, which is aggressively long for this time of year. Yesterday’s Crop Progress report showed that 60% of the U.S. corn crop is harvested, with a good/excellent rating (for those keeping score) of 61%.

Technicals: December corn futures started the week on higher ground, marking a new high close for the move. With that said, we trade below the previous session low for the first time since October 2nd, perhaps this is a sign that we are nearing a top. Our pivot pocket is the inflection point we are watching, 400-405. This pocket is technically and psychologically significant. A break and close below could start to trigger some long liquidation/profit-taking. First resistance remains intact, we see that as 410-411 ¼. The RSI (relative strength index) is at 73.75 which is considered “overbought” territory. Though the path of.....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: November soybeans traded in a relatively tight range yesterday as buyers and sellers lacked conviction near the psychologically significant $10.50 handle. November options expiration is on Friday. A lot of the open interest is below the market and we believe this could keep a lid on near-term price action and potentially act as a headwind into Friday. Yesterday’s Crop Progress report showed U.S. soybean harvest is 75% complete. Weekly good/excellent ratings for soybeans are done for the year.

Technicals: Yesterday’s narrow range (10 ½ cents) leaves many of our technical support and resistance levels intact. First resistance today comes in from 1060-1064 ¼, a move out above here could create a momentum trade up towards the contract highs, 1079 ¾. On the support side, our pivot pocket was tested and held, we have defined that as.....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)

Fundamentals: Chicago wheat futures made new highs for the move yesterday as more bullish headlines continue to feed the Bull. We know that dry weather in large wheat-growing regions has been a cause for concern, but we have also seen headlines that Russia may be holding back wheat to build their own reserves. Yesterday’s Crop Progress report showed 77% of the US winter wheat crop is planted. We will start seeing crop conditions in next Monday’s report.

Technicals: Wheat futures were extremely choppy yesterday, marking new contract highs on the open, only to reverse 15 cents in the following hour, testing and holding our pivot pocket. The market managed to stabilize through the remainder of the session. The path of least resistance has been higher, but we like leaning on the sell-side. Yesterday’s open was one of the reasons why. Even if it is just an intraday sell-off, it will likely be fast and violent. There is still upside risk, so manage your risk appropriately.....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:


Try out a demo of our Blue Line Trader (Desktop & Mobile Platform) and enjoy 14-day free real-time futures & options quotes

Sign up for your FREE trial of our daily Grain & Livestock Market Analysis!



Follow us on our social media sites to stay on the pulse of our latest research and commentary!

Twitter - twitter.com/bluelinefutures

Facebook - facebook.com/BlueLineFutures

StockTwits - stocktwits.com/BlueLineFutures

Latest blog posts - bluelinefutures.com/blog

Blue Line Futures

312-278-0500

info@Bluelinefutures.com

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.

39 views
Logo_desktop_2x.png

141 W. JACKSON BLVD., SUITE 2845

CHICAGO, IL 60604

INFO@BLUELINEFUTURES.COM

P: (312) 278-0500

F: (888) 370-2221

  • YouTube - White Circle
  • Facebook - White Circle
  • Twitter - White Circle
  • LinkedIn - White Circle

© 2020 by Blue Line Futures, LLC. All rights reserved.

Futures trading involves substantial risk of loss and may not be suitable for all investors.