Mixed Markets

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

Fundamentals: Friday morning, the USDA announced a flash sale of 150,000 metric tons to Colombia for the 2021/2022 marketing year. Rains moved through parts of the corn belt, but it may be too little too late for some areas. Crop Progress will be out after the close, but we aren’t expecting significant change as that report becomes less meaningful at this point in the year. Friday’s Commitments of Traders report showed Managed Money sold a net 11,199 contracts through August 24th, shrinking their net long position to 257,883 futures contracts.

Technicals: December corn futures were 16 ¼ cents higher for the week, which basically just offset the losses from the previous Friday (August 20th). That breakdown point, coupled with the 100-day moving average, continues to be resistance which we have defined as 551 ½-555 ½. A move above this pocket could take us back into the mid 560s. The 50% retracement (middle of the range from the May 7th high to the May 26th low comes in at 569 ¼. Perma-Bulls and Perma-Bears continue to be the big losers in what has been a sideways market as the range has continued to narrow for the last three months...........Click this link to read the FULL report and receive our daily commentary

Bias: Neutral/Bearish 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: Friday morning, the USDA announced a flash sale of 129,000 metric tons to China for the 2021/2022 marketing year. Rains moved through parts of the Midwest which will have a bigger impact on beans than corn. Crop Progress will be out after the close, expectations are for little change. Friday’s Commitments of Traders report showed Managed Money were net sellers of 15,137 futures contracts through August 24th, shrinking their net long position to 78,569 futures contracts (a historically modest position).

Technicals: Soybean futures surged higher last Tuesday, erasing some of the losses from the previous week’s breakdown (August 19th and 20th). Since Tuesday, the market has been treading near our pivot pocket from 1325 ¾-1333. A conviction close above this pocket opens the door for additional relief towards 1347 ¼-1352 ¼. This pocket represents the breakdown point from August 19th, the 100-day moving average, and the psychologically significant 1350 handle...........Click this link to read the FULL report and receive our daily commentary

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

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

Technicals: Chicago wheat futures have struggled to get back to our pivot pocket from 749 ¾-751 ¾. We believe that the bears have a good risk/reward trade so long as they can defend this pocket. If they can defend it and achieve a breakdown below support, 718 ½-723 ½, 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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