Grains Find Footing Overnight

Corn (July)

Fundamentals: Improving weather forecasts have been pushing prices lower of the last few days, but now the risk is if those forecasts fall flat, which is becoming more likely in the early morning trade. The weather market environment keeps our main market thesis intact, opportunity for traders on both sides of the market. Keep your expectations tempered.


Technicals: In yesterday’s report we said the following: “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.”. That support held perfectly (a blind squirrel finds a not every now and again). The market has rebounded back to our pivot pocket, which remains intact from 673-676 ¼. If the Bulls can chew through this pocket, we could see an extension back near 693-698. The common theme in this environment is opportunities, for nimble traders on both sides of the market...........Click this link to read the FULL report and receive our daily commentary

Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish

Resistance: 685**, 693-698**, 706 ¼-708 ½**

Pivot: 673-676 ¼

Support: 645 ¾-651 ¼***, 617 ¼-624**

Soybeans (July)

Fundamentals: NOPA crush came in at 163.521 million bushels, this was higher the an the average analyst estimate, 165.2. Weather will continue to be an important factor in price action. In the early morning, it looks like some of the forecasts have shifted back to drier conditions. All in all, not much has changed in our eyes. Forecasts change REGULARLY, this will change money flow, which ultimately keeps your thought process intact, that is that there will be plenty of near term opportunities for participants on both sides of the market.


Technicals: July soybean futures traded down near first support in the overnight session, we have defined that as 1440 ½-1448 ¼. From a risk reward perspective, we like buying this pocket, regardless of if you are bullish or bearish. If you have been short, we believe this is an opportunity to reduce some exposure. If you want to be long, this is a spot to dip the toes in. A break and close below that pocket could accelerate the selling...........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: Wheat futures were lower yesterday but managed to recover from the lows, finishing the session right near the 100-day moving average and our pivot pocket, 659-661. If the Bulls can defend this pocket through the floor open, it’s possible to see the market retrace the recent breakdown point, 679 ½-681 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


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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.

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