• Oliver Sloup

Grain Express

Watch us on RFD-TV, today at 9:45 AM CT! Click this link for Wednesday's USDA report estimates! Corn (May)

Fundamentals: Friday’s commitments of traders report showed funds extended their net long position to roughly 380k contracts (405,685 long and 26,176 short), an increase of roughly 19k contracts. Forecasts are looking fairly favorable for much of the Midwest, which has put a bit of a headwind in the market. All eyes are on Wednesday’s USDA report, Click HERE for Estimates.

Technicals: May corn futures continue to be mostly rangebound as we head into the final few trading days of the month and quarter (where has the time gone?). Wednesday’s USDA report has the ability to give this market new technical direction, via a breakout or breakdown from technical levels, which remain intact from last week. One of the common questions we get heading into reports is: “What’s the USDA going to say?”. Simple answer, flip a coin. Arguably, more important than what the USDA says, is how the market reacts.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Soybeans (May)

Fundamentals: Friday’s commitments of traders report showed funds bought roughly 6k contracts through March 23rd, extending their net long position to 151,572 contracts (164,929 long and 13,357 short). Brazil’s soybean harvest is roughly 67% complete, catching up with the 5-year average, 70%. All eyes are on Wednesday’s USDA report, Click HERE for Estimates.

Technicals: Soybean futures sold-off in the back half of last week’s trade, finishing near the $14.00 handle as April options expired. The market is working lower in the early morning trade, threatening our support pocket again, 1390-1400. The Bull camp needs to defend this pocket through this week’s trade. A failure to do so could spark a bigger correction.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Chicago Wheat (May)

Technicals: In Friday’s report we noted that our support pocket from 608-612 ½ seems random, but it is significant. We said: “If you have been on the bearish side and short, this is a spot to consider reducing.”. break and close below could accelerate the selling. If the Bulls can defend this pocket, we could see some relief back to the mid 620’s.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Sign up for your FREE trial of our daily Grain & Livestock Market Analysis!

Follow us on our social media sites to stay on the pulse of our latest research and commentary! Twitter - twitter.com/bluelinefutures Facebook - facebook.com/BlueLineFutures YouTube - YouTube.com/BlueLineFutures StockTwits - stocktwits.com/BlueLineFutures Latest blog posts - bluelinefutures.com/blog Blue Line Futures 312-278-0500 info@Bluelinefutures.com 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.

53 views0 comments