• Oliver Sloup

Grain Express

Corn (March)


Fundamentals: Yesterday’s weekly export inspections came in at 887 tmt, within the range of expectations. Conab estimates Brazilian corn production at 102.5 MT, a drop of 2.4 MT with the weather being the root cause.


Techncials: Corn futures were higher in yesterday’s early morning trade but was not able to get confirmation when we got more participation on the floor open (as mentioned a million times over, always take the overnight trade with a grain of salt). Over the last few months, market participants have been conditioned to have a conviction on a directional bias; Bullish or Bearish. That is the “sexy headline and conversation starter”, but that’s not always how markets work, more times than not, markets eventually settle into a trading range. As of late, consolidation has been the name of the game and shorter-term trading opportunities for traders on both sides of the market have been the gift that keeps on giving, something we have been writing about for the past few weeks. The market continues to linger near our pivot 422 ¼, support remains intact from 413 ½-418, and resistance is unchanged from 429-430 ½. Our bias is steady at Neutral/Bearish, not looking for an imminent drop, but would not be surprised to see an eventual grind lower.


Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish


Resistance: 429-430 ½**, 435 ¾-439½****

Pivot: 422 ¼

Support: 413 ½-418****, 396-399 ½***

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Soybeans (January)


Fundamentals: Yesterday’s weekly export inspections came in at 2,369,000 metric tons, within the range of expectations. Conab estimates Brazilian bean production to be at 134.4 MT, a drop of .5 MT. South American weather and crop development is being monitored, little has changed on that front this week, Brazil seems mostly fine with Argentina having some concerns over dry weather.


Technicals: January soybeans were sharply higher yesterday morning, sold off on the open, but finished the session on higher ground, posting the highest close in two weeks. Our 4-star resistance pocket was tested and held, in yesterday’s report we noted: “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 surely sound like a broken record by now, but we continue to believe we are now in an environment where there will be more short-term trading opportunities for buyers and sellers, so you may consider tempering your expectations.


Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish


Resistance: 1169-1176****, 1200-1208 ½**

Pivot: 1152-1154 ¾

Support: 1138-1142 ½**, 1114 ¼-1120 ¼****

Click this link to read the FULL report and receive our daily commentary



Chicago Wheat (March)


Fundamentals: Yesterday’s weekly export inspections came in at a dismal 261,000 metric tons, well below the low end of expectations.


Technicals: Futures gave back all of Friday’s gains in what became a “buy the rumor, sell the news” event, which we discussed in yesterday’s report when we moved our bias from Neutral to Neutral/Bearish. Futures are now hovering near our pivot pocket from 600-602 ½. If the Bull camp can defend this pocket along with support from 585 ½-592, we could see the trend of lower highs and lower lows come to an end, and consolidation become the new norm.


Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish


Resistance: 608 ¾-611 ¾****, 622 ¾**

Pivot: 600-602 ½

Support: 585 ½-592 ½***, 563-569 ½****, 542 ½-545 ¼****

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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