Grain Express

Corn (May)

Fundamentals: May corn futures worked higher to start the week, leaving new crop futures in the dust. Weekly export inspections came in at whopping 2,204,000 metric tons, above the top end of estimates and a stone throw away from a record that was set in 1989. Despite the delays, Mato Grosso is nearly done planting its second corn crop. Texas is 26% planted, right at the 5-year average pace.

Technicals: May corn futures managed to stage an impressive performance on the Funds first day with expanded position limits. The market chewed through our pivot pocket from 536-540 which gave our bias a bullish tilt and opened the door for an extension towards our first resistance pocket which is being tested this morning, 553 ¾-556 ¼. A move above here could keep the momentum rolling north with new contract highs as the next target. New crop December futures were not as friendly and are again lagging in the early morning trade, disappointing for sure.........Click this link to read the FULL report and receive our daily commentary

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Support: Soybeans (May)

Fundamentals: May soybean futures managed to stabilize and gain some ground on Monday as we saw broad-based strength in the grain markets. Yesterday’s weekly export inspections came in at 519,000 metric tons, within the range of expectations. NOPA crush came in at 155.158 million bushels, well below the average estimate and the lowest in nearly a year and a half.

Technicals: May soybean futures managed to rally off the lows yesterday after defending support for the third consecutive session. The Bulls want to avoid a retest of support, each time a support or resistance pocket is tested, it becomes weaker. Another test could be enough to break it down. Our pivot pocket remains intact from 1434 ½-1436 ½. A conviction close above this pocket could be enough to take us to retest the contract highs of 1460.........Click this link to read the FULL report and receive our daily commentary

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Support: Chicago Wheat (May)

Technicals: Wheat futures tried to rally yesterday but failed to get back above our pivot pocket from 652-656 ½. Futures are right back at first support, 639 ½-641. A break and close below this pocket could take us to the more significant 626-631 ½ pocket. That is a MUST hold pocket for the Bulls. A break and close below here could take us back to the psychologically significant $6.00 handle.........Click this link to read the FULL report and receive our daily commentary

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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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