Grain Express | 10.26.2021

Corn (December)


Fundamentals: Yesterday’s weekly export inspections were disappointing at 545,127 metric tons, about half of what we saw last week. Yesterday’s Crop Progress report showed harvest is 66% complete, inline with expectations.


Technicals: Corn futures traded to their highest price in roughly three-weeks, in yesterday’s session, but technical resistance managed to hold. We have defined four-star technical resistance as 543 ¾-548 ½. This pocket represents a key Fibonacci retracement, the 100-day moving average, and previously important price points. As mentioned in yesterday’s commentary, we like selling against this pocket on the first test, but a break and close above would have us reassessing things, as it could open the door for a run back towards...Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning.

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Previous Session Bias:

Resistance:

Pivot:

Support:


Soybeans (January)


Breaking:

199,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year

125,730 metric tons of soybeans for delivery to Mexico during the 2021/2022 marketing year


Fundamentals: Yesterday’s weekly export inspections came in at 2,103,505 metric tons, within the range of expectations. Yesterday’s weekly crop progress report showed soybeans are 73% harvested, inline with expectations. Brazilian soybean planting is said to be 38% complete, 15% ahead of last year’s pace. So far, there are no significant weather concerns. Early estimates for the Brazilian soybean crop are near 144mmt.


Technicals: January soybean futures were firm to start the week and are attempting to mark higher lows from October 13th lows, 1195-1200. To firmly cement a harvest low, the bulls want to see... Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning.

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:



Wheat (December)


Technicals: Chicago wheat futures chopped around on both sides of unchanged yesterday, only to finish the session near where it started, 760ish, which happens to be our pivot pocket. The market is weaker in the early morning trade, taking out yesterday’s lows. The next support pocket we see comes in from...Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning.

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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