• Oliver Sloup

Grain Express

Watch us on RFD-TV, today at 9:45 AM CT! Corn (March)

Fundamentals: All eyes will be on tomorrow’s USDA/WASDE report, out at 11:00 AM CT. This is typically one of the most anticipated if not the most anticipated reports of the year. Click this link to view the estimates for tomorrow’s USDA report. Friday’s Commitment of Traders report showed funds bought 19,045 (net) contracts, extending their net long position to 328,208 contracts. This is an extremely aggressive long position for the funds, which continues to raise caution flags of possible long liquidation risk. Also, keep in mind that Bullish/Bearish reports do not necessarily correlate with how price reacts. We marked contract lows on the back of a bearish USDA report on August 12th. This reaction is what we refer to as a fundamental rejection, something we keep an eye open for on the back of each report.

Technicals: March corn futures have traded in a 10-cent range overnight as you can sense the anticipation of tomorrow’s report. Resistance remains intact from 497-502 ¾. A breakout above here puts us back in uncharted territory, making it extremely difficult to find the next resistance pocket........Click this link to read the FULL report and receive our daily commentary

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Support: Soybeans (March)

Fundamentals: March soybean futures finished Friday’s session with a new closing high, which has led to some strength to start the week with another new contract high made in the overnight session, 1388 ¾. All eyes are on tomorrow’s USDA/WASDE report, typically one of the most anticipated if not the most anticipated reports of the year. Click this link to view the estimates for tomorrow’s USDA report. Friday’s Commitment of Traders report showed funds sold 20,160 contracts, trimming their net long position to 159,446 contracts. The 1 year high is 230,746.

Technicals: Pullbacks have been extremely shallow, a good indication/trademark of a Bull market. How much juice is left in the grape, that is the million-dollar question. The fundamental backdrop remains in place, and technical momentum has been undeniable. Our bias is Neutral ahead of tomorrow’s report as we would not count out any reaction, following tomorrow’s report........Click this link to read the FULL report and receive our daily commentary

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Support: Chicago Wheat (March)

Technicals: Wheat futures are trading in a wide range to kick the week off, 22 ¾ cents. The overnight low marks higher lows, a trend that has been developing for the last month. If the market closes near the top end of today’s range, that puts the Bulls in a great spot ahead of tomorrow’s report. We think the fundamental picture is relatively weak, but the technicals have been firm for the last month........Click this link to read the FULL report and receive our daily commentary

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If you have any questions about markets, trading, or opening an account please let us know! You can email us at info@BlueLineFutures.com or call 312-278-0500 BlueLineFutures.com 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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