• Oliver Sloup

Grain Express

Corn (March)


Fundamentals: Corn Bulls got fed yesterday and that came in the form of flash sales. The USDA reported a sale of 1,360,000 metric tons to China for 2020/2021 and 102,800 metric tons to Unknown for 2020/2021; this is roughly 57.6 million bushels! Concerns that ending stocks could be overstated is also offering additional support to the market.


Technicals: Corn futures got their conviction move above our pivot pocket, 517 ¼-522 ¼. In yesterday’s report, we noted “This will be a significant pocket for this week’s trade. A conviction close above here and we could make another run at the contract highs.”. Now that the market is back at new contract highs, we are back in “uncharted territory”.........Click this link to read the FULL report and receive our daily commentary

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Previous Session Bias:

Resistance:

Pivot:

Support:


Soybeans (March)


Fundamentals: Soybean futures are surging higher again in the early morning session, officially erasing all the losses from the back-half last week’s trading session. Yesterday’s continued rebound has carried over into some overnight/early morning strength as concerns of a tightening US balance sheet continue to support prices.


Technicals: As with corn, soybean futures got that conviction move back above our pivot pocket which we listed as 1352-1355, this was the breakdown point from Friday. We noted in yesterday’s report that: “A conviction close above here and we could make another run at the contract highs.”. 1400 is psychologically significant and the near term roadblock that the Bulls want to hurdle.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Support: 1339-1342 ½**, 1295-1301****, 1280 ½**


Chicago Wheat (March)


Technicals: Chicago wheat futures are moving north in the early morning trade, catching a tailwind from a swift move higher in corn and beans. The first resistance from yesterday’s session remains intact for today’s trade, we have defined that as 674 ¾-679. If the market is unable to chew through this pocket, we may consider looking more aggressively at the short-side but recognize the overall appetite for long grains is stout and we would be trying to swim upstream.........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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