Grain Express


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Corn (May)


Fundamentals: This morning’s weekly export sales report showed net sales of 395,500 MT for 2020/2021 were up noticeably from the previous week, but down 48 percent from the prior 4-week average. As mentioned yesterday, we are interested in what funds will do with their expanded position limits. if the fundamentals firm, it could provide a big lift for the market. Not just from fund buying, but a short squeeze on commercial shorts and producers. CONAB sees the 20/21 Brazilian crop at 108.068 million tonnes, up from their previous forecast, 105.481.


Technicals: The market failed to defend our pivot pocket which opened the door for continuation to first support, 529 ¼-530, this is a MUST hold area for the Bull camp. A failure to do so could spark additional selling pressure, with little technical support until 517 ¾-523 ¼. We continue to believe that there will be plenty of shorter-term trading setups with this choppy trading environment.........Click this link to read the FULL report and receive our daily commentary

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Soybeans (May)


Fundamentals: This morning’s weekly export sales report showed net sales of 350,600 MT for 2020/2021 were up 32 percent from the previous week, but down 5 percent from the prior 4-week average. CONAB has the 20/21 bean crop at 135.131 million tonnes, up from their previous forecast, 133.817. Do not shoot the messenger.


Technicals: In yesterday’s report we noted that a failure to defend 1434-1436 ½ could open the door for a retest of 1393 ¼-1400. We got down to 1400 ¾ in the overnight trade. If you are bullish the market and reduced against technical resistance, you may consider reentering those positions against support. With that said, you want to manage risk appropriately. A break and close below and you may want to take your medicine.........Click this link to read the FULL report and receive our daily commentary

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Resistance:

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Chicago Wheat (May)


Fundamentals: This morning’s weekly export sales report showed net sales of 329,500 metric tons (MT) for 2020/2021 were up 50 percent from the previous week, but down 4 percent from the prior 4-week average.


Technicals: Chicago wheat futures are lingering near trendline support, 639 ½-641. A break and close below this pocket could take us into 626-631 ½. That is the last line in the sand and a MUST hold for the bull camp. A break and close below could take us back below the psychologically significant $6.00 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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