Mexico Buys U.S. Corn

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Corn (December)


Breaking: Private exporters reported sales of 426,800 metric tons of corn for delivery to Mexico during the 2021/2022 marketing year.


Fundamentals: Despite the bearish USDA report we got last week; futures were able to finish the week up 14 ¾ cents. Friday’s Commitments of Traders report showed Managed Money were net buyers of 35,101 contracts through September 28th, (13,387 short covering and 21,714 longs), this stretched their net long position to 235,044 contracts (268,145 long and 33,101 short).


Technicals: Prior to last week’s quarterly stocks report we moved our bias to outright Neutral, we maintain that bias to start the new week. Though the fundamentals seem questionable, the technical landscape has been firming, marking a string over higher lows and higher highs since the double bottom on September 10th (double bottom goes back to May 26th). As mentioned, multiple times in our reports and interviews last week, the big barrier comes in from.....Click here to get our (FULL) daily reports emailed to you!

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Soybeans (November)


Fundamentals: Soybean futures made new lows for the move at the end of last week, finishing the week down 38 ½ cents. Friday’s Commitments of Traders report showed that Managed Money were net buyers of 11,581 contracts through September 28th, expanding their net long position to 57,142 contracts (83,357 long and 26,215 short). The market is softer to start the week on chatter that new tariffs could be brought to the table if China fails to meet their Phase 1 commitment. China is on holiday for much of the week, which could keep the news wires quiet (including flash sales).


Technicals: November soybeans are walking on a tightrope this morning, testing significant support near 1240. If the Bulls fail to defend this area on a closing basis, there’s not a lot of technical support until.....Click here to get our (FULL) daily reports emailed to you!

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Wheat (December)


Fundamentals: Despite historically high prices and a strengthening US Dollar, wheat futures continue to lead the way to higher ground. The quarterly stocks report was friendly and helped spur a wave of buying (including short covering), putting December futures up 31 ½ cents for the week. Friday’s Commitments of Traders report showed Managed Money were net sellers of 3,072 contracts through September 28th, expanding their net short position to 12,900 contracts (59,975 long and 72,875 short).


Technicals: Prior to the quarterly stocks report we moved our bias to outright neutral as the technical landscape continued to firm, marking higher lows and higher highs. Friday was the “breakout moment”, how much more upside is left is TBD. As mentioned, the chart is constructive, but these.....Click here to get our (FULL) daily reports emailed to you!

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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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