Grain Express

Corn (March)


Fundamentals: This morning’s weekly export sales report showed net sales of 1,437,600 MT for 2020/2021 were unchanged from the previous week, but up 51 percent from the prior 4-week average. For 2021/2022, total net sales of 46,400 MT were for Japan. Exports of 886,700 MT were down 39 percent from the previous week and 24 percent from the prior 4-week average. Money flow and technicals will continue to play an important role in price action going forward. February options expiration is today, which could offer some support at these levels, ahead of the weekend.


Technicals: Corn futures are working lower this morning, hovering in our pivot pocket 517 ¼-522 ¼ and threatening their first lower weekly close of the year. A break and close below this pocket could spark additional long liquidation from the over-extended funds. The next support pocket we have listed below this pocket is 497-502 ¾, this pocket represents the breakout point from last week’s USDA report. Keep in mind that the overnight sessions have been misleading and February options expiration is today, this may help stabilize the market when the “floor” opens.........Click this link to read the FULL report and receive our daily commentary

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Soybeans (March)


Fundamentals: This morning’s weekly export sales report showed net sales of 1,817,700 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. For 2021/2022, net sales of 831,000 MT were for mostly from unknown destinations (452,000 MT) and China (319,000 MT).


Technicals: March soybean futures were under pressure in the overnight and early morning session, trading nearly a dollar off the contract highs from last week. Our first support pocket was tested in the early hours and has so far held, that remains intact from 1342-1349 ½. So long as the Bulls can defend this pocket, they remain in control of the technical landscape as we head into the weekend. A break and close below here could trigger additional long liquidation. So, from a trader’s risk/reward perspective, this is a good pocket for shorts to reduce, and Bulls to step in. If you do not know if you’re bullish or bearish, just sit on your hands ahead of the weekend. The RSI is back at 57.70, close to neutral.........Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (March)


Fundamentals: This morning’s export sales report showed net sales of 329,600 metric tons (MT) for 2020/2021 were up 49 percent from the previous week, but down 7 percent from the prior 4-week average.


Technicals: Wheat futures broke through first support which opened the door for extended pressure in the overnight and early morning session, testing our significant support which we listed in yesterday’s report as 645-652. A break and close below this pocket could trigger additional long liquidation. From a trader’s risk/reward perspective, this is a good pocket for shorts to reduce, and Bulls to step in and give it a shot. If you do not know if you’re bullish or bearish, just sit on your hands ahead of the weekend.........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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