• Oliver Sloup

It's Officially a Weather Market

Watch us on RFD-TV, today at 9:45 AM CST! Corn (July)

Fundamentals: As mentioned last week, it is that time of year where you can expect to see gaps on the Sunday night open, with the direction of the gap dependent on weekend weather and updated forecasts. This past weekend’s weather and forecasts are continuing to cause concern for crop development in the northern plains, with hot and dry weather continuing to trend, putting a premium in new crop prices which is helping narrow the spread against old crop. The next USDA report is Thursday, we will have estimates out in the coming days. Arguably more important, is the end of the month/quarter report, June 30th.

Technicals: The market gaped higher Sunday night, trading up to and through the breakdown point from May 13th. That comes in from 691-696 ¾. This will now become our pivot pocket, which the Bulls will want to defend to encourage another run at contract highs, 735 ¼..........Click this link to read the FULL report and receive our daily commentary


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Soybeans (July)

Fundamentals: A lot of what we wrote about in the corn section applies to soybeans as well. We are in the beginning of a “weather market”, which happens this time of year. How long the weather market lasts is subject to mother nature. This past weekend’s weather and forecasts are continuing to cause concern for crop development in the northern plains, with hot and dry weather continuing to trend, putting a premium in new crop prices which is helping narrow the spread against old crop. The next USDA report is Thursday, we will have estimates out in the coming days. Arguably more important, is the end of the month/quarter report, June 30th.

Technicals: The market gaped higher Sunday night, trading as high as 1623 ½. $16.00 will be psychologically significant, but the more meaningful support for the Bulls to defend comes in from 1587-1595, which represents resistance from last week and the gap from last night..........Click this link to read the FULL report and receive our daily commentary


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Wheat (July)

Technicals: Chicago wheat futures are riding the coat tails of the broader grain complex, including Minneapolis wheat. Adverse weather has been the source of momentum, but technically the market is struggling. Corn, beans, and even spring wheat are all surging while Chicago wheat is just resetting last week’s high. If the outside grain markets start to cool off, we would expect to see pressure on Chicago wheat. Resistance from last week’s reports remain intact, we have defined that as 700-708. If you are just trading the chart and have removed emotion, this is a spot to consider selling, whether that be exiting long positions from support last week, or new outright short positions..........Click this link to read the FULL report and receive our daily commentary


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Previous Session Bias:

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Call/Text/Email, Oliver with any questions. Oliver@BlueLineFutures.com and 312-837-3938

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