Grain Markets Drift Lower

Corn (July)


Fundamentals: Yesterday’s crop progress report showed Good/Excellent ratings at 68%, this was 1% below the average estimate and a 4% drop from last week. The 5-year average for this time is 71%. Noticeable drops were in Iowa (-14%), Minnesota (-11%), and Illinois (-6%). Weather forecasts look more favorable, which is being priced into the market. Yesterday’s weekly export inspections came in at 1,544,000 metric tons, this was towards the low end of estimates.


Technicals: We were expecting a little bit more strength during the regular trading hours, yesterday. The lack of that is a caution flag to Bulls and has set the tone in the overnight and early morning trade. Support remains intact from 645 ¾-651 ¼. If you have been short, this is a place to consider reducing. If you want to be long, this is a spot to consider buying. A break and close below could accelerate the selling down into the 620’s..........Click this link to read the FULL report and receive our daily commentary

Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish

Resistance: 685**, 695 ½-698**, 706 ¼-708 ½**

Pivot: 673-676 ¼

Support: 645 ¾-651 ¼***, 617 ¼-624**

Soybeans (July)


Fundamentals: Yesterday’s crop progress report showed Good/Excellent ratings at 62%, this was 3% below the average estimate and 5% below last week. The 5-year average for this time, is 72%. Noticeable drops were in Iowa (-12%) and Illinois (-10%). Yesterday’s weekly export inspections came in at 128,000 metric tons, below the low end of estimates.


Technicals: The market is fluttering around in the early morning session as it appears the selling may be near exhaustion (for now). Support remains intact from 1440 ½-1448 ¼ (was noted as 1540 ½-1548 ¼ in yesterday’s report….. Monday morning problems). Previous support now becomes resistance, that comes in from 1500-1506..........Click this link to read the FULL report and receive our daily commentary

Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish

Resistance: 1537 ¼-1550****

Pivot: 1500-1506

Support: 1440 ½-1448 ¼****, 1374 ¾**

Chicago Wheat (July)


Technicals: Chicago wheat futures rebounded off the 100-day moving average and technical support well, during yesterday’s session. But the market has reversed and is trading below yesterday’s lows. If this price action is confirmed through the “floor open”, it could open the flood gates for another wave of selling. The next meaningful support comes in near 639 ½..........Click this link to read the FULL report and receive our daily commentary

Bias: Bearish/Neutral

Previous Session Bias: Bearish/Neutral

Resistance: 679 ½-681 ½***, 700-708 ¾**, 720**

Pivot: 659-661

Support: 639 ½-646 ¾**, 615-620**


Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938


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.


44 views0 comments

Recent Posts

See All