• Oliver Sloup

Grain Express

Corn (March)


Fundamentals: Corn futures managed to recover yesterday’s early morning losses, closing at new contract highs. Weekly export inspections came in at 762,937 metric tons. Dr. Michael Cordonnier estimates Brazilian corn production at 102 MMT and Argentinian production at 47 MMT. Yesterday’s move was largely on the coattails of positive money flow spilling over from the bean market.


Technicals: With the market at new contract highs, we are back in uncharted territory, so finding a meaningful resistance pocket becomes tougher. When we look for support and resistance levels, we are looking at the chart as a roadmap of previous interactions between buyers and sellers, at new contract highs you do not have that history to go off. You can use the continuous chart, but that does not translate as well nor take into account the current environment, especially for agricultural commodities. Previous resistance will now be our pivot pocket that the Bulls want to defend, we see that coming in from........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:



Soybeans (January)


Fundamentals: January soybean futures are continuing to rip higher as concerns around port strikes continue to add the premium to futures. The near-term risk for the Bull camp is that issue is resolved. That would not necessarily put a top in the market, we still believe that there is a good long term fundamental backdrop that will offer support to pullbacks. There are also some rumors floating around that China bought some more beans yesterday. Export inspections came in at 931 million bushels, a strong number that helped support prices. Dr. Cordonnier has Brazilian soybean production at 130 MMT and Argentinian production at 48 MMT.


Techncials: We are once again in uncharted territory, so the same thing we said about corn applies to soybeans. When we look for support and resistance levels, we are looking at the chart as a roadmap of previous interactions between buyers and sellers, at new contract highs you do not have that history to go off. You can use the continuous chart, but that does not translate as well nor take into account the current environment, especially for agricultural commodities. Previous resistance will now be our pivot pocket that the Bulls want to defend, we see that coming in from ........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Chicago Wheat (March)


Techncials: Chicago wheat traded in a wide range yesterday but managed to defend higher lows on a shorter-term chart. As mentioned in our interview with RFD-TV yesterday, we still like leaning on the short side but will be patient to pick and choose our spots carefully during a holiday trading week. Our 4-star resistance pocket was tested and has so far held, 611 ¾-615 ¼. The Bear camp MUST........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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