Grain Express

Corn (March)


Fundamentals: The average analyst estimate for ending stocks in this week’s USDA report is 1.691 billion bushels, down from 1.702 in the previous report. One well known private analyst has left the South American corn crop estimates unchanged. 104 mmt for Brazil, and 48mmt for Argentina. There were no flash sales from the USDA yesterday morning.


Technicals: Corn futures have been consolidating since last week’s breakdown (Monday/Tuesday). We continue to believe there will be great short-term opportunities for both sides but think the bear camp may have the advantage on an intermediate-term time frame. What would change this thesis? Consecutive closes back above 429-430 ½. Significant support remains intact from 408 ¾-413 ½. A break and close below here could spur additional long liquidation and accelerate the selling. There’s not much more support until ...Click this link to read the FULL report and receive our daily commentary

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Soybeans (January)


Fundamentals: The Bull needs to be fed and there has not been much new news to keep that enthusiasm running rampant. Better weather in South America and fewer daily flash sales have spurred long liquidation over the last few weeks. Attention is focused in on this week’s USDA report, the average analyst estimates for ending stocks is 168 million bushels, down from 190 in last month's report. World ending stocks are expected to come in near 85.11 million tonnes, down from the 86.52 we saw in November.


Technicals: Soybean futures were mixed yesterday, marking lower highs and lower lows from the previous session. 1138-1142 ½ is first support, a break and close below would take out the December 2nd lows and open the door for a retracement of the breakout point from November 10th, 1114 ¼-1120 ¼. If you are leaning on the bearish side, you need to see the market defend significant resistance at ...Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (March)


Technicals: March wheat futures tested and defended our 4-star support pocket, 563-569 ½, during yesterday morning’s session. In yesterday’s report, we said: “We have had a bearish tilt in our bias and continue to have one, but 4-star levels are a place to capitalize. If you are Bullish, this is another decent risk/reward opportunity for you.” This support pocket represented a key Fibonacci retracement and a breakout point from September 30th. If given the opportunity, we would be looking to ...Click this link to read the FULL report and receive our daily commentary

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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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