Grain Express

Watch us on RFD-TV, today at 12:45 PM CT! Corn (May)

Fundamentals: The USDA announced another flash sale yesterday, this time to the tune of 1,224,000 metric tons, delivery is for the 2020/2021 marketing year, to China. Between the flash sales on Tuesday and Wednesday, that amounts to roughly 94 million bushels! This morning’s weekly export sales report showed net sales of 985,900 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. For 2021/2022, net sales of 240,900 MT were reported.

Technicals: Corn futures finished yesterday’s session on higher ground, posting the fifth consecutive higher close. If the Bull camp can chew through technical resistance with some conviction, it could spark a move towards the 570 ¾-575 pocket, which represents previously important price points, including contract highs. A failure here could take us back to the low end of the recent range, the mid 530’s. Needless to say, we are near term inflection point.........Click this link to read the FULL report and receive our daily commentary

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Support: Soybeans (May)

Fundamentals: This morning’s weekly export sales report showed Net sales of 202,400 MT for 2020/2021 were down 42 percent from the previous week and 31 percent from the prior 4-week average. The market has been in consolidation mode as tradres on both sides await new news to offer more conviction on the future direction. The big-ticket news 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 continue their consolidation, keeping the technical landscape little changed from the previous session. 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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Support: Chicago Wheat (May)

Fundamentals: This morning’s weekly export sales report showed net sales of 390,100 metric tons (MT) for 2020/2021 were up 18 percent from the previous week and 40 percent from the prior 4-week average.

Technicals: Wheat futures made an attempt at our pivot pocket but fell flat and are back near the low end of this week’s trading range. Significant support remains intact from 626-631 ½. A break and close below this pocket could open the door for accelerated selling pressure, with little in the way of support until closer 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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