• Oliver Sloup

Grain Express

Corn (March)


Fundamentals: Yesterday’s USDA report provided the volatility we were expecting, with March corn future trading in a 29 ¼ cent range. US Ending stocks came in at 1.502 billion bushels, this was near the top end of expectations, making this a bearish USDA report which could mute the extreme enthusiasm we have seen recently. World ending stocks came in at 286.53 MMT, up from the 283.80 we saw in January. In the coming weeks, we will start to hear the conversation shift towards US acres and weather.


Technicals: With ending stocks coming in at 1.502 billion bushels, we would have expected a sharply lower close for corn, but all things considered, it held well and closed off the lows. The market is retesting those lows and approaching our 3-star support pocket, 536 ½-541 ½. As mentioned in yesterday’s Tech Talk, the Bulls remain in control so long as they can defend this pocket. A break and close below would move our near-term bias into bearish territory as we could see it spark additional long liquidation ahead of a three-day weekend.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (March)


Fundamentals: Yesterday’s USDA report showed US Ending stocks at 120 million bushels, right inline with the average analyst estimate. World ending stocks were lowered to 83.36 MMT, down .95 MMT from January. In the coming weeks, we will start to hear the conversation shift towards US acres and weather. South American harvest remains behind pace.


Technicals: The market traded very well yesterday post report, closing above the psychologically significant $14.00 handle. That momentum and enthusiasm has lost some air in the overnight session, trading back near yesterday’s lows. The Bulls want to defend our pivot pocket from 1385-1388 ¾, a failure to do so could further mute the enthusiasm and trigger some long liquidation.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Chicago Wheat (March)


Fundamentals: US ending stocks came in at 836 million bushels, unchanged from what we saw in January. World ending stocks came in at 304.22 MMT which was below the low end of estimates.


Techncials: Chicago wheat futures were threatening to break out above our pivot pocket yesterday but ultimately failed which has led to some pressure in the overnight/early morning trade. So long as the Bear camp continues to defend that pocket, we will keep our bias in Bearish territory. Significant support remains intact from 624-628 ¾. A break and close below this pocket could accelerate the selling.........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.

21 views0 comments