Grain Express

February 1, 2021—Private exporters reported to the U.S. Department of Agriculture the following activity:

  • Export sales of 125,730 metric tons of corn for delivery to Mexico during the 2020/2021 marketing year;

  • Export sales of 110,000 metric tons of corn for delivery to Japan during the 2020/2021 marketing year; and

  • Export sales of 133,000 metric tons of soybean meal for delivery to the Philippines during the 2020/2021 marketing year.


Corn (March)


Fundamentals: March corn futures are making new contract highs as we start a new week and month of trading. Friday’s Commitment of Traders report showed funds were net buyers of 5,091 contracts through January 26th. Longs reduced 3,158 contracts and shorts covered 8,249 contracts. This puts the funds net long 341,178 contracts. Flash sales were off the chart last week and will be closely monitored this week.


Technicals: March corn futures has a strong close on Friday which has led to some follow-through momentum to start a new month of trading at new contract highs for the fourth consecutive session. The overnight sessions have been somewhat misleading recently, so take that action with a grain of salt. The RSI is at 74.90, this would normally be considered “overbought territory”, but as we have learned over the years and as some have relearned over the past several months, the RSI is not a standalone indicator.........Click this link to read the FULL report and receive our daily commentary

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Soybeans (March)


Fundamentals: March soybean futures have traded on both sides of unchanged in the early morning trade as it seems we may have found some sort of near-term equilibrium. The Bullish news is widely known, and South American harvest will continue to ramp up in the coming weeks, it is estimated that they were nearly 2% complete on Thursday. Friday’s Commitment of Traders report showed funds were net buyers of 10,651 contracts through January 26th, expanding their net long position to 148,111 contracts.


Technicals: March soybean futures marked lower lows and lower highs last week, which will be closely monitored this week. Significant technical resistance comes in from 1394 ¾-1400, a breakout and close above here could spur additional buying towards the towards the contract highs. First support comes in from 1333 ½-1335 ½, but the more significant support pocket comes in below that, 1292-1301. A break and close below that could accelerate the selling.........Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (March)


Technicals: Chicago wheat futures were firm overnight but have softened in the early morning after failing against our first resistance pocket, 674 ¾-679. The market is right back at our pivot pocket, 656 ½-659, this could be a bit of an inflection point this week. We continue to lean on the bearish side so long as the market defends that resistance. A break and close above would move our bias back to Neutral.........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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