• Oliver Sloup

Grain Express

Corn (May)

Fundamentals: Corn futures accelerated lower yesterday, coming within 1 ¼ cent from the $2 handle. The headlines continue to be dreadful. Ethanol, 97 million acres, and weather clearing up in the Midwest for planting. Friday’s Option Expiration is the only silver lining we see right now. We look for strike prices with the most open interest on puts and calls to act as a magnet for prices into option expiration. In this case, that would be above the market, but this is far from a typical environment so take it with a grain of salt.


Technicals: The market broke lower yesterday, falling into our makeshift support pocket, 298 ¾-301 ¼. We say makeshift because we are in uncharted territory, so we used the continuous chart and the psychologically significant $3.00 handle as an area of interest +/- 1 ¼ cent, because that’s how the market trades at psychological levels, falls just short or trips stops to see what’s below there. The market has rebounded into previous support, now resistance ,313 ¾-315 ¼. Consecutive closes above here could spark a wave of short covering. We are moving our bias to a bullish tilt, but NEED to see follow through today to keep that bias into tomorrow's session.


Bias: Neutral/Bullish

Previous Session Bias: Neutral


Resistance: 330-332****, 343 ¼-344 ¾**

Pivot: 313 ¾-315 ¼

Support: 298 ¾-301 ¼**

Feel free to call/text/email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938


Soybeans (May)

Fundamentals: May soybean futures sliced through support yesterday, triggering a wave of “get me out” orders. Concerns over trade with china coupled with friendly weather forecasts have kept the bears in control for the last two weeks, but that could be changing near term.


Technicals: The market took out the old lows, accelerated lower, and rebounded just as sharply. A very positive technical development. For now, it is just a relief rally, but most bull markets start with that. We would expect to see follow through on this move, in the back half of the week. The market has made it pack near resistance, 842-845 ¼. A close above here could take us back into the mid 850’s. We are moving our bias to a bullish tilt, but NEED to see follow through today to keep that bias into tomorrow's session.


Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bearish


Resistance: 842-845 ¼***,854-858 ¾****, 871 ¼-875**

Support: 820-821***, 808 ¼***, 791**


Feel free to call/text/email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938

Chicago Wheat (May)


Fundamentals: The roles seem to be reversing over the last 20 hours. Wheat is the anchor and beans and corn are finding strength. There is not a lot of new news so we are continuing to focus on money flow and technicals at this time.


Technicals: The market is resting right near our pivot pocket in the mid 540’s. This pocket represents a key retracement, previously important price points, along with the 50 and 100 day moving average. We have stated several times recently that we would not be surprised to see the market chop around and consolidate in this area. Longer term, the bears have an edge, until the bulls can achieve consecutive closes above significant resistance, 564-568 ½.


Bias: Neutral

Previous Session Bias: Neutral


Resistance: 564-568 ½****, 587-590 ¾****

Pivot: 540 ½-542 ½

Support: 525-258 ¼****, 506 ¼-512 ¼***, 491 ¾****


Feel free to call/text/email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938


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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