Is The Bull Market Over?

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Corn (July)


Fundamentals: For the week, July corn was up 15 ¾ cents. Friday’s Commitments of Traders report showed Managed Money were net sellers of 17,153 contracts through May 18th. This drops their net long position down to 294,370 contracts (325,081 long futures and 30,711 short futures). Crop progress will be out after the close, analysts are expecting to see the U.S. planting near 90% complete. Weather forecasts appear friendly at the moment, part of the reason we are seeing pressure early on.


Technicals: We moved our bias into Bearish territory last week as the chart is starting to form a bearish head and shoulders formation. Techncials are never 100% accurate, but it is a tradable setup with the risk ranges well defined. A move out above the “right shoulder” from 673 ¼-676 would start to neutralize our bias again. There is a lot of support from near the 630/640 area, a wider pocket than we would like, but significant price points. A break and close below there could accelerate the long liquidation from funds..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (July)


Fundamentals: For the week, July soybeans were down 60 cents. Friday’s Commitments of Traders report showed Managed Money were net sellers of 22,534 contracts through May 18th, shrinking their net long position to 144,594 contracts (160,552 long futures and 15,958 short futures). Crop progress will be out this afternoon, analysts are expecting to see the US bean crop at 78% planted. Beneficial rains and a deteriorating technical landscape have put pressure on prices in the overnight/early morning trade.


Technicals: As with corn, we moved our bias into Bearish territory last week as the market failed to defend 1574 ¾. We believe the bear camp will remain in control of the technicals until we see consecutive closes back above this pocket. First support was tested and held already this week; we have had that defined that as 1500-1506. There is additional significant support down into the 1490’s. If you have been short over the last few sessions, this is an area to consider reducing exposure against..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Wheat (July)


Fundamentals: For the week, July wheat was down 33 cents. Friday’s Commitments of Traders report showed Managed Money were net buyers of 1,096 contracts through May 18th. This puts the Managed Money net long position at 7,180 contracts (89,896 longs and 82,716 shorts).


Technicals: Chicago wheat futures are continuing their descent after failing to hold first support from 674 ¼-680. This has brought us to our next support pocket which we defined last week as 653 ¾-669 ½. If you have been short the market and reduced a portion against first support last week, this pocket would be the next area to consider reducing against. We remain bearish on wheat but would welcome a relief rally to resell at higher prices..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938



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Blue Line Futures

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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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