• Oliver Sloup

Grain Express


Corn (December)


Fundamentals: Corn futures rolled over hard yesterday, erasing higher price action from the last two weeks. This is a perfect example of the old saying, “escalator up, elevator down”. Was there a fundamental shift over the course of 24 hours that led to the drop-off? No, but it is likely the market overshot fundamental value to the upside. We are at the end of the month which could spur some position squaring ahead of next week’s election, the funds holding a massive net long position in grains and a US dollar that has regained momentum over the last week. This morning’s export sales report showed Net sales of 2,243,700 MT for 2020/2021 were up 23 percent from the previous week and 56 percent from the prior 4-week average.


Techncials: In yesterday’s Tech Talk we talked about $4.00 being technically and psychologically significant. A failure at this point could continue the long liquidation and take us down to.....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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Soybeans (January)


Fundamentals: Money flow was the leader on the way up and it is leading this correction as funds look to square up loose ends and liquidate long positions ahead of the EoM (end of month) and the election. This morning’s export sales report showed Net sales of 1,620,700 MT for 2020/2021 were down 27 percent from the previous week and 35 percent from the prior 4-week average.


Technicals: Soybean futures are trading into our 4-star support pocket this morning; we have defined that 1046 ¾-1050. If the Bulls fail to defend this pocket on a closing basis, we could see the selling accelerate and take us down to.....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: This morning’s export sales report showed Net sales of 743,200 metric tons (MT) for 2020/2021 were up noticeably from the previous week and up 54 percent from the prior 4-week average. Better forecasts for wheat-growing regions around the world have added pressure to the market, and we would not be surprised to see that new trend continue.


Technicals: Chicago wheat futures took out yesterday’s lows in the early morning trade, today. Our 3-star support pocket comes in from 599-603 ½. We could see the market stabilize near term, but we eventually are looking for this to give way and trigger additional long liquidation. 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:


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