Fundamentals: Yesterday’s crop progress report showed corn is 2% planted, in line with the historical average. Weekly export inspections came in at 1,912,000 metric tons, within the range of expectations. The monthly USDA report is on Friday, we will get an updated look at WASDE and crop production. We will have estimates out beforehand.
Technicals: May corn futures were under pressure to start the week but have recovered some of those losses in the early morning trade, after defending first support yesterday. The market has rebounded into our pivot pocket, if the Bulls can achieve a conviction close above here, we could see an extension towards the contract highs. New crop corn is lagging old crop this morning, reversing some of yesterday’s move in the spread.
Previous Session Bias: Bullish/Neutral
Resistance: 572**, 585*, 600*
Pivot: 559-564 ¼
Support: 550**, 536-540***
Fundamentals: Yesterday’s weekly export inspections report came in at 298,000 metric tons, within the range of estimates. Monday weekly crop progress data for soybeans will start in the coming weeks. The monthly USDA report is on Friday, we will get an updated look at WASDE and crop production. We will have estimates out beforehand.
Technicals: May soybean futures were little changed yesterday as the market caught its breath following the previous two sessions where we saw a 92-cent range. Technical support and resistance levels remain intact for today’s trade. The Bulls want to not only defend technical support from 1390-1400, but achieve consecutive closes above our pivot pocket, 1434 ½-1436 ½. A failure to do so likely keeps us technically range bound. The November contract continues to look much more constructive.
Previous Session Bias: Neutral/Bullish
Pivot: 1434 ½-1436 ½
Support: 1390-1400**, 1364 ¼-1364 ¾**
Chicago Wheat (May)
Technicals: Chicago wheat futures rallied yesterday but failed near our first resistance pocket, 626-631 ½. If the Bulls can chew through this pocket and achieve consecutive closes above it, it could extend the relief rally and continue the bottoming process. We have had a bearish tilt for the better part of the first quarter of the year but went to outright neutral yesterday and would consider leaning bullish on a conviction close above resistance.
Previous Session Bias: Neutral
Resistance: 626-631 ½***, 644 ½-649 ½***
Pivot: 607 ¼-610 ½
Support: 596 ½-600**, 569-572 ¾**
Sign up for your FREE trial of our daily Grain & Livestock Market Analysis and stay ahead of the curve!
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.