Is The Harvest Low In?


(Above: Yesterday's (10.7.21) interview with RFD-TV)

Corn (December)

Fundamentals: Corn futures traded both sides of unchanged as the market continues to chop around in a range, which is fairly typical for this time of year. Next week’s USDA report could be the catalyst to give the market a nudge one way or the other. Attention is shifting towards next week’s USDA report, out on Tuesday. The average analyst estimate for production is 14.973 billion bushels, a hair below the 14.996 we saw in last month’s report. The average estimate for yield comes in at 176.0 bushels per acre, a drop of .3 from the previous report. Ending stocks are estimated to be near 1.432 billion bushels.

Technicals: The market was able to defend our pivot pocket into the close yesterday, which has promoted some follow through momentum to the upside. If the Bulls can continue to defend our pivot pocket, we could see an extension towards 4-star resistance, 5.....Click here to get our (FULL) daily reports emailed to you!

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Soybeans (November)

Fundamentals: Soybean futures have been able to stage a rally this week, despite allllll the bearish news. This is something we talked about every day this week, that is that one side of the boat was too crowded (the bearish side). If everyone is bearish, then there’s no one left to sell. Shorts start covering and that sparks additional short covering. Our bias remains Neutral as we believe there will be plenty of opportunity for participants on both sides of the market. All eyes are on next week’s USDA report. The average analyst estimate has production near 4.415 billion bushels, up from the 4.374 we saw in September. The average yield estimate is 51.1 bushels per acre, up from the 50.6 bushels per acre. China is back from holiday, but we have not seen them in the flash sales.

Technicals: We’ve been talking about the risk/reward trade to the upside since the start of the week, based on technicals and market sentiment. The market has rallied into our first resistance pocket this morning; we have defined that in recent reports as 1259 ¾-1262 ¾. If you.....Click here to get our (FULL) daily reports emailed to you!

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Wheat (December)

Technicals: Wheat futures are higher in the early morning trade, keep in mind that has been the case the previous two sessions and we ended up closing lower on the day. Our pivot pocket comes in from 744 ¾-750. If the Bulls fail to defend this through today’s session, we could see a retracement to.....Click here to get our (FULL) daily reports emailed to you!

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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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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