• Oliver Sloup

Grain Express

Watch us on RFD-TV, today at 12:45 PM CT! Corn (March)

Fundamentals: Corn futures were higher yesterday and we have heard and read that it is due to concerns over the South American crop, that’s nonsense. If futures finish down two cents today, you will probably read about diminishing concerns. The market trades every day and it does not need a fundamental catalyst to be up or down a few pennies in any given day. At the end of the day, we think money flow and technicals will be the key driver in price action until we get the next USDA report. This morning’s weekly export report showed net sales of 1,924,500 MT for 2020/2021 were up 41 percent from the previous week and 40 percent from the prior 4-week average.

Technicals: Corn futures worked into our resistance pocket yesterday, we have defined that as 429-430 ½. We continue to believe that there will be plenty of opportunity for traders on both sides of the market and with prices at the top end of the range, we view that as a good risk/reward trade to the sell-side. If the market chews through and closes above resistance, that would neutralize our bias and we would be looking for ...Click this link to read the FULL report and receive our daily commentary

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Support: Soybeans (January)

Fundamentals: January soybeans were higher in yesterday’s early morning trade, much of which was on technical momentum in a light volume trade. The market was unable to hold that momentum when we got more participation on the “floor” open, a bit of a caution flag as we look for volume to confirm the price. This morning’s weekly export sales report showed Net sales of 922,300 MT for 2020/2021 were up 62 percent from the previous week and 20 percent from the prior 4-week average.

Technicals: Yesterday’s regular trading hours (8:30-1:20) was a disappointment. In the prior day, the market saw incredible strength which carried over into the overnight and early morning trade but fizzled out when the floor opened, a missed opportunity for the market to ...Click this link to read the FULL report and receive our daily commentary

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Support: Chicago Wheat (March)

Fundamentals: This morning’s weekly export sales report showed Net sales of 540,400 metric tons (MT) for 2020/2021 were down 12 percent from the previous week, but up 5 percent from the prior 4-week average.

Techncials: March wheat futures traded in a wide range yesterday, opening and trading lower, but recovering those losses into the afternoon session. The market continues to hover near our 600-602 ½ pivot pocket, a battleground area between the Bulls and Bears. We like ...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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