Grain Express


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Corn (May) Fundamentals: With March options off the board, the attention and volume has shifted to the May contract. Friday’s Commitment of Traders report showed funds are net-long 348,491 contracts (376,278 Long and 27,787 Short), this is an increase of 8,115 from the previous week. Last week’s USDA outlook forum sets the baseline for this year’s supply/demand, but many participants are and should take it with a grain of salt, a lot can change in the coming months and mother nature can be unpredictable. Planted acres was one of the focal points last week, the USDA has that pegged at 92.0 million acres. Brazil’s second corn crop is roughly 8% complete, well behind the average pace, 32%.

Technicals: May corn futures tried to rally on Friday but closed near the low end of the day’s range, March options expiration likely playing a role in that price action. Trendline support from the December lows, the 50-day moving average, and previous contract highs will act as our first support pocket to start the week, that comes in from 540-542 ¾. A break and close below this pocket could take us to revisit the February 11th lows, 523 ¼.........Click this link to read the FULL report and receive our daily commentary

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Support: Soybeans (May)

Fundamentals: March options are off the board and the attention shifts to the May futures. May futures finished the week of February 19th up 8 ¾ cents. Friday’s Commitment of Traders report showed funds holding a net long position of 149,633 contracts (161,131 Long and 11,498 Short), this is down 10,449 from the previous week. Brazil soybean harvest as of Friday was reported at 12.4% complete, this is still lagging the 5-year average, 30.5%.

Technicals: The market has been trading sideways for the last month, 1335 on the support side and 1395 on the resistance side. A conviction close below or above this channel will likely spark a bigger move, until then, there are shorter term trading opportunities for Bulls and Bears.........Click this link to read the FULL report and receive our daily commentary

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Support: Chicago Wheat (May)

Technicals: Chicago wheat futures have gone from a bearish head and shoulders pattern into a sideways consolidation over the last several weeks and have threatened the top end of the range in the most recent sessions. Resistance comes in from 668 ¾-672. The Bear camp must defend this pocket, a conviction close above here could spur the market to make another attempt at the psychologically significant $7.00 handle.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

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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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