• Oliver Sloup

Grain Express

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Corn (March)


Fundamentals: Corn futures were 3 cents higher for the week and are already matching that to kick things off this week. Corn is mostly higher this morning on a tailwind from the strength in soybeans. We are taking the overnight/early morning trade with a grain of salt as we look for volume to confirm the price, which we will get from more participation on the floor open. Friday’s Commitment of Traders report showed funds are net-long 269,583 futures/options, a 1,050 decline from the previous week.


Technicals: Corn futures traded near the top end of the range and our resistance pocket, 429-430 ½. We continue to believe the Bears have a good risk/reward trade so long as they can defend resistance. A break and close above would neutralize that bias and could spur a move towards ...Click this link to read the FULL report and receive our daily commentary

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Soybeans (January)


Fundamentals: January soybean futures were 2 ½ cents lower for the week but are more than making up that lost ground in the early morning trade. The strong demand backdrop continues to offer support to the market. We will see if the Bulls can defend the overnight/early morning price action when we get more participation on the floor open. Weather in South America looks friendly, which may provide a headwind for the market against technical resistance. Friday’s Commitment of Traders report showed net long 185,655 futures/options, a decline of 9,028 from the previous week.


Technicals: Soybean futures tested and held the bottom end of the range last week and are now testing the top end of the range to start this week’s trade, we have had that defined as 1169-1176. From a risk/reward perspective, we do not mind selling against 4-star resistance with a relatively tight leash. A break and close above here and we would take our medicine and regroup, knowing that it could spark technical buying and a retest of the contract highs and psychologically significant $12.00 handle. We may sound like a broken record, but we continue to believe we are now in an environment where there will be more ...Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (March)


Fundamentals: Chicago wheat futures were the BIG winner last week, finishing 39 cents higher. Reports of a Russian wheat tax is what sparked the short-covering rally. The export tax will be 25 euros ($30.4) a tonne and will be in effect from Feb. 15 and June 30. The tax may reduce Russia’s 2020/21 wheat exports by 2-3 million tonnes to 37.8-38.8 million tonnes. Futures are softer in the early morning trade as a “buy the rumor, sell the news” sentiment sets in.


Technicals: For those of you who are new to wheat trading, last week’s move should not be considered a “one-off”. We have been trading wheat long enough to know that moves like that can happen at any given time, just the thought of it lingers in the back of our mind, which is why we moved our bias from Bearish to outright Neutral ahead of Thursday’s session. We are moving that bias back to Neutral/Bearish this morning after we got the actual news and tested/failed against our next resistance area at...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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