• Oliver Sloup

Grain Express

Corn (December)

Fundamentals: December corn futures started yesterday’s session under pressure, but there were buyers who were ready, willing, and able to buy the dip. Weekly export inspections came in at 636 tmt, a bit disappointing. Yesterday’s Crop Progress report showed harvest is now 72% complete, within the range of expectations and ahead of historical pace.

Techcnicals: Tops and bottoms are a process, not a point, especially when you get prices near uncharted territory (new contract highs). Contract highs for December corn futures come in at 424, this goes all the way back to May 3rd, 2018. 420-424 was the top end of the range from that point, all the way to July of 2019. The RSI (relative strength index) is at 76.45, off the highs from Friday, but still overbought.....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.

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Support: Soybeans (January)

Fundamentals: Soybeans traded on both sides of unchanged yesterday as there is uncertainty in convictions of buyers and sellers. Buyers seem exhausted, but not enough to break the market lower. Export inspections yesterday morning came in at 2,664 tmt, a solid number. Yesterday’s Crop Progress report showed harvest is 83% complete, within the range of expectations and ahead of historical pace.

Technicals: January soybean futures made new highs yesterday but failed to attract new buyers with any sort of conviction above that mark, indicating that the value may be getting squeezed at these levels. How much more upside is anyone’s guess, the top is a process, not a point, especially when you get into uncharted territory. First technical support comes in from 1063-1064 ¾. A break and close below here could spark a wave of long-liquidation/profit-taking, opening the door for a run back at the technically and psychologically significant 1050 level.....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.


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Support: Chicago Wheat (December)

Technicals: Wheat futures have been posting lower highs and lower lows since making new contract highs one week ago. Our pivot pocket from 615-620 was tested and held yesterday, this will be a significant pocket going forward. If the Bulls fail to defend this pocket, we could see long liquidation take us back near the technically and psychologically significant $6.00, in a short amount of time.....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.

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