• Oliver Sloup

Grain Express

Corn (March)

Fundamentals: Flash-sales from the USDA yesterday morning showed sales of 128,000 metric tons of corn for delivery to Japan during the 2020/2021 marketing year; and sales of 100,000 metric tons of corn for delivery to Israel during the 2020/2021 marketing year. Yesterday’s weekly export inspections report came in at 877,000 metric tons, below the low end of the range.

Technicals: Futures were softer to start the week which has spilled into pressure in the overnight/early morning trade. First support is being breached this morning, 517 ¼-522 ¼. This pocket represents the gap from last Tuesday night. if the Bulls fail to hold ground here when we get more participation on the floor open, we could see additional long liquidation and a full retracement of last week’s breakout point, 497-502 ¾. As with price action on the way up, take the overnight trade with a grain of salt.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Soybeans (March)

Fundamentals: Flash sales from the USDA yesterday morning showed sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year. Weekly export inspections came in at 2,058,000 metric tons, above the top end of estimates. Harvest starting in South America has likely helped spur some long liquidation over the last 24-hours. There have been beneficial rains reported too, but we are putting less weight on that headline.

Technicals: We have had a Neutral bias but continue to believe there will be plenty of opportunities for traders on both sides of the market. The price action that we have seen over the last 24-hours is why we have had our bias at Neutral. In a market that goes parabolic, sharp and severe pullbacks, though extremely difficult to time, are to be expected. As with........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Chicago Wheat (March)

Fundamentals: Wheat futures reversed yesterday morning and finished in negative territory, shrugging off the news of a Russian export tax, which may have been largely priced in. Weekly export inspections came in at 277,000 metric tons, within the range of expectations.

Technicals: Futures are under pressure this morning as it seems indiscriminate in the grain complex. Significant support comes in from 643-650. This pocket represents the 50-day moving average, trendline support, and a key Fibonacci retracement. A break and close below this pocket could start to bend the trend of higher highs and higher lows that we have seen marked over the last month........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Sign up for your FREE trial of our daily Grain & Livestock Market Analysis!



Follow us on our social media sites to stay on the pulse of our latest research and commentary!

Twitter - twitter.com/bluelinefutures

Facebook - facebook.com/BlueLineFutures

YouTube - YouTube.com/BlueLineFutures

StockTwits - stocktwits.com/BlueLineFutures

Latest blog posts - bluelinefutures.com/blog


Blue Line Futures

312-278-0500

info@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.

53 views0 comments