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Corn (March)


Fundamentals: Corn futures opened the Sunday night trade with some strength, trading to new contract highs, 439 ½. Futures are slipping back near unchanged as we head into the early morning intermission. Conflicting weather forecasts for South America have traders on both sides a little jittery, so expect the volatility to continue. If we do see precipitation materialize in parts that have been dry, we could see the rally halted.


Technicals: Higher highs and higher lows continue to be the trend with the market posting new highs in the overnight session. The RSI (relative strength index) is at 63.85, below the “overbought” threshold, and well below the 77.97 reading, we saw at the end of October. Our pivot pocket comes in from 428-423. A break and close below here could trigger long liquidation and take us back to...Click this link to read the FULL report and receive our daily commentary

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Soybeans (January)


Fundamentals: Soybean futures opened higher last night on the back of dryer forecasts for South America, only to be offset by different forecasts showing more precipitation for areas that have been dry in South America. This is very much a weather market, and we expect that to keep the volatility alive in the near term. We are also keeping an eye on exports. We need to see the Bull get fed if we want higher prices, a lack of continued export demand or cancellations could start to trigger profit-taking from the net long funds.


Technicals: Soybean futures gaped higher Sunday night but have reversed and are nearly 20 cents off those highs, though we take the overnight with a grain of salt, this is a bearish reversal. Today’s early morning session could set the tone for the intermediate-term. The inability to crack $12 over the last week, after coming so close, is a bit of a caution flag for the Bulls in the near term. We are continuing to look for a healthy correction to previous breakout points, do not confuse healthy corrections with calling for tops. Our pivot point remains intact at...Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (March)


Technicals: Wheat futures rallied back near our 4-star resistance pocket on Friday and again in the Sunday night open, but ultimately failed. Keeping our bias with a bearish tilt. Support comes in from 596 ¾-599 ¼, which has been tested in the early morning trade. If you had sold on Friday near resistance, this is an area to consider reducing against. A break and close below here could take us to...Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


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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.

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