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Corn (March)


Fundamentals: Corn futures finished 2020 with a bang, finishing the year with 14 consecutive higher closes, the longest streak in at least 61 years. Corn futures blasted off (again) in the overnight session, marking new 6 ½ year highs, coming within 2 ¼ cents of the psychologically significant $5.00 handle. There has been a bundle of bullish headlines recently that have helped spur the historic rally. News that Argentina suspended corn exports until March has been a leading catalyst in the last “whoosh” higher. The USD is making new multi-year lows (again) is adding a tailwind to many commodity markets to start 2021, including grains. Global demand has been strong and robust, with major increases coming from China. Weather concerns in South America have also helped support prices. How much of all this news is priced in? That is the gazillion dollar question.


Technicals: Corn futures are at new contract highs (again), keeping us in uncharted territory. As mentioned for about three weeks’ straight, being in uncharted territory makes the task of finding meaningful technical resistance a fool’s errand. The RSI is at 87.36 this morning, as overbought as it has been in a VERY LONG time. Being in overbought territory does not mean that the top is in, but it does indicate to us that there is risk in chasing the market higher. Sure, you would have been right over the last two weeks, but historically buying with an RSI this high does not end well. We are keeping our........Click this link to read the FULL report and receive our daily commentary

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Soybeans (March)


Fundamentals: March soybean futures have gained as much as $1.03 ¼ from the December 29th lows, that is not even four full trading days. Money flow continues to be a major driver as funds continue to pile in on growing concerns over US carryout as the markets try to find a price that starts to ration demand. There are also weather concerns in South America that have added some fuel to the fire.


Technicals: Soybean futures are continuing their surge higher as bullish sentiment expands to levels not seen in some time. The RSI is at 84.20, approaching the levels seen in September and November when we got near-term pullbacks. As mentioned for several weeks now, being in uncharted territory makes the task of finding meaningful resistance somewhat of a fool’s errand, especially in this environment. Our bias remains........Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (March)


Technicals: Wheat futures made new contract highs, receiving some spillover strength from corn and beans. As mentioned last week, fundamentally the market seems pricey, but money flow has been strong in the grain complex and you cannot rule out the possibility of wheat playing catchup. The RSI is at 64.68, below what is considered “overbought territory”. Our........Click this link to read the FULL report and receive our daily commentary

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Blue Line Futures

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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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