Grains Rally After Crop Progress

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Corn (December)


Fundamentals: Yesterday’s weekly export inspections report came in 1,000,512 metric tons, within the range of estimates and in line with the previous week’s reporting. Yesterday’s Crop Progress report showed Good/Excellent conditions at 65%, unchanged from last week and 1-2% below what some analysts had been expecting. Last year currently good/excellent ratings were at 69%. 56% of the crop is silking. Outside markets were largely risk-off yesterday which may have added a headwind to the market. Today it seems risk appetite is back on, with oil holding ground in positive territory and equity markets gaining ground back.


Technicals: December corn futures have tagged the Sunday night highs, in the early morning trade as futures attempt to make another run at filling the gap from July 6th. That gap represents significant resistance and has garnered a lot of attention, coming in from 573 ¼-575. A conviction break and close above this pocket could extend the rally back towards the psychologically significant $6.00 handle. A failure would market another lower peak which could take us back to trendline support and the 100-day moving average, in the mid to upper 530’s...........Click this link to read the FULL report and receive our daily commentary


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Soybeans (November)

Fundamentals: Yesterday’s weekly export inspections report came in at 143,934 metric tons, within the range of expectations. Yesterday’s Crop Progress report showed Good/Excellent ratings at 60%, up 1% from last week and inline with estimates. Last year’s ratings were at 69%. 63% of the crop is blooming and 23% is setting pods.


Technicals: November soybean futures are erasing yesterday’s losses, putting us right back in Friday’s trading range. $14.00 is psychologically significant, with resistance up into the 1420’s. That upper pocket represents the top end of the range following the quarterly stocks report. If the market can chew through that pocket, it could open the door for a run back at contract highs...........Click this link to read the FULL report and receive our daily commentary


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Chicago Wheat (September)


Fundamentals: Chicago wheat futures managed to finish in positive territory, despite weakness in corn and beans. Spring wheat has been a key driver recently and will continue to be monitored closely. Yesterday’s weekly export inspections report came in at 490,626 metric tons, within the range of expectations. Yesterday’s Crop Progress report showed spring wheat Good/Excellent ratings at 11%, a 5% drop from last week and a 4% bigger drop than expected. Last year at this time, ratings were at 68%. Winter wheat harvest is 73% complete.


Technicals: Wheat futures have made new highs for the move in the overnight/early morning trade, eclipsing the top end of the range from the first week of June. If the Bulls can achieve consecutive closes above this pocket, we could potentially see momentum traders continue to pile on board...........Click this link to read the FULL report and receive our daily commentary


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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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