• Oliver Sloup

Grain Express

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Corn (May)


Fundamentals: Corn futures spend majority of last week’s trade consolidating, with little new news to break the market lower or spark a short covering rally. The most recent Commitment of Traders report showed funds holding a net short position of 110,220 contracts, an increase of 11,361. This is not a massive net short position by any means but is notable considering we are going into the unknowns of planting. Weather will become increasingly important as producers look to get in the fields in the coming weeks, if not already.


Technicals: Consolidation continues to be the name of the game. We were hoping to see a short covering rally last week, but every attempt fell flat, as did the attempts to break the market lower. The market is treading water in our pivot pocket. Consecutive closes above here could spark that short covering rally to the mid 340’s. Consecutive closes below and the trend following traders will likely pounce. 325 ½ is the contract low, below there we are in uncharted territory and need to look at the continuous chart. The next support we see from using the continuous comes in from 313 ¾-315 ¼, the August 2016 lows........Click this link to get the FULL report, or email Oliver@BlueLineFutures.com


Bias: Neutral

Previous Session Bias: Neutral/Bullish


Resistance: 343 ¼-344 ¾**, 354-356 ¾***

Pivot: 330-332

Support: 325**, 313 ¾-315 ¼***

Soybeans (May)


Fundamentals: May soybean futures worked higher in the overnight trade but have retreated near unchanged. With little changed on the fundamental landscape following last week’s WASDE report, our attention remains fixed on technicals and money flow. The most recent Commitment of Traders report showed funds net long 17,007 contracts, 5,899 less than the previous week.


Technicals: The market is hovering right in the middle of no-mans land. Our pivot pocket comes in from 854-858 ¾ and will be this week’s inflection point. Consecutive closes above here cold spark a recovery into the mid-880s, an area that represents a key retracement, moving average, and the breakdown point from April 1st. If the bull camp fails to defend this pivot pocket, a retest of contract lows are not out of the question........Click this link to get the FULL report, or email Oliver@BlueLineFutures.com


Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish


Resistance: 871 ¼-875**, 888 ½-889 ¾***

Pivot: 854-858 ¾

Support: 842-845 ¼***, 820-821**

Chicago Wheat (May)


Fundamentals: Chicago wheat futures spent last week’s trade chopping around in a relatively wide range but managed to finish near the top end of that. Concerns of a freeze has helped to put a little pep in the step of the bullish traders. The most recent Commitment of Traders report showed funds net long 27,2700 contracts, 9,486 fewer than the previous week.


Technicals: The market and tested and held 4-star support well over the last week and a half, prompting us to move our bias into bullish territory. The market is now threatening 4-star resistance, 564-568 ½. If you had bought in the mid 540’s, this would be an area to consider reducing. IF the bulls can chew through this pocket, we could see a retest of the recent highs, 587-590 ¾........Click this link to get the FULL report, or email Oliver@BlueLineFutures.com


Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish


Resistance: 564-568 ½****, 587-590 ¾***, 600-603 ¼**

Support: 540 ½-542 ½****, 525-258 ¼****





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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Futures trading involves substantial risk of loss and may not be suitable for all investors.