Grain Express

Corn (May)


Fundamentals: The USDA announced the first flash-sale of corn since March 2nd. Yesterday’s sale was to the tune of 1,156,000 metric tons for delivery to China. Some of that optimism was likely baked into the cake in 24 hours before the actual release of the data. May corn continues to be the leader with new crop lagging as some moisture through the Midwest ease some concerns of drought.


Technicals: May corn futures continued to climb higher, which has led to a higher early morning trade. The market threatened resistance yesterday but failed to achieve that conviction breakout. The market is right back in that resistance pocket this morning, 553 ¾-556 ¼. A break and close above this pocket could propel us higher, with the next target coming in from 570 ¾-575.........Click this link to read the FULL report and receive our daily commentary

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Soybeans (May)


Fundamentals: With little new news coming across the wires, the market continues its consolidation phase, which is ultimately healthy for the market. Weekly export sales will be out tomorrow morning, but the big-ticket item is in two weeks, the grain stocks, and prospective plantings report. Estimates will likely begin to pick up next week, we will have those available as they come out.


Technicals: May soybean futures are continuing to consolidate, which does little to change the technical landscape. The Bulls want to avoid a retest of support, 1393 ¼-1400, 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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Chicago Wheat (May)


Technicals: May wheat futures tested and held 4-star support nearly perfectly, we have defined that as 626-631 ½ and a MUST hold pocket for the Bull camp. The bears still have the technical advantage until we see a close back above 652-656 ½.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

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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