Last Trading Day Of The Month

Corn (December)

Fundamentals: December corn futures were lower to start the week and are seeing some follow-through selling in the early morning trade. Export disruptions likely playing a role in some of the negative price action. Some are also attributing weekend rains as a catalyst, but we aren’t putting a lot of weight on that. Yesterday’s Crop Progress report showed Good/Excellent ratings at 60%, unchanged from last week and just 2% below where we were at last year at this time. 9% of the crop is mature, in line with the 5-year average, 10%.

Technicals: December corn futures failed to get out above our pivot-pocket/resistance, which we have defined as 551 ½-555 ½. This pocket represents the breakdown point from the previous week, the 100-day moving average, a key Fibonacci retracement, and other previously important price points. This has opened the door for a potential retest of support from 527 ½-532 ¼. A break and close below this pocket would likely accelerate the selling towards the July 9th lows, 507............Click this link to read the FULL report and receive our daily commentary

Bias: Bearish/Neutral Previous Session Bias: Neutral/Bearish

Resistance: 561 ¼-563 ½**, 569 ¼-573 ½***, 588 ½-594 ¼*** Pivot: 551 ½-555 ½ Support: 527 ½-532 ¼**, 507-514 ¼**** Soybeans (November)

Fundamentals: September beans got SLAMMED yesterday as the market tried to price in export disruptions from hurricane Ida, along with long liquidation ahead of delivery. A good lesson/reminder that you typically want to be out of those front-month contracts when their options expire, or before. That pressure in September beans bled into the November contract, which has been mixed in the overnight/early morning trade. Yesterday morning, the USDA announced a flash sale of 256,000 metric tons to China for the 2021/2022 marketing year. Yesterday’s Crop Progress report showed Good/Excellent ratings at 56%, unchanged from the previous week and in line with expectations.

Technicals: The market broke below our pivot pocket which opened the door for a swift drop to our next support pocket, 1300 ½-1306 ¾. If the Bulls fail to defend this pocket this week, the chart could continue to soften, with a retest of the June 17th lows not out of the question, 1240 ½. Consecutive closes back above our old pivot pocket (now resistance) would neutralize our bias...........Click this link to read the FULL report and receive our daily commentary

Bias: Bearish/Neutral Previous Session Bias: Neutral/Bearish

Resistance: 1325 ¾-1333****, 1347 ¼-1352 ¼***, 1378-1379 ¼** Pivot: 1300 ½-1306 ¾ Support: 1286 ¼-1292**, 1277 ¼**, 1240 ½**** Wheat (December)

Technicals: Wheat futures are continuing to flirt with support from 718 ½-723 ½. If the Bulls fail to defend this pocket, that would confirm a bearish head and shoulders formation and open the door for a retest of the 100-day moving average and psychologically significant $7.00 handle, 698-700............Click this link to read the FULL report and receive our daily commentary

Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish

Resistance: 770 ½**, 786 ½* 799-801 ½** Pivot: 749 ¾-751 ¾ Support: 718 ½-723 ½***, 694 ¾-700****


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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. Past performance is not necessarily indicative of future results.

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