More Flash Sales

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*BREAKING: Private exporters reported to the U.S. Department of Agriculture export sales of 458,600 metric tons of corn for delivery to Mexico during the 2021/2022 marketing year. Equivalent to 18,054,285 bushels



Corn (December)

Fundamentals: Corn futures rolled over hard in the back half of last week’s trade, trading as much as 30 cents lower in the final two days. Much of this weakness was technically driven, which led to a “risk-off” trade that fed on itself ahead of the weekend. September options expiration is Friday, that could play a role in price action later in the week. The Pro Farmer crop tour came out with a national average yield of 177.5, well above the 172.0 from the USDA. Friday’s Commitments of Traders report showed Managed Money were net buyers of 22,611 futures, through August 17th. This expands their net long position to 269,082 contracts.


Technicals: Corn is firm in the early morning session, but so far, it’s a relatively weak relief rally considering the amount of losses that came from Thursday and Friday. In Friday’s morning report we wrote about the importance of defending 548-551 ½, writing: “If the Bulls fail to defend this pocket, we would expect to see additional long liquidation into the 527 ½-532 ¼ support pocket.”. This is precisely what played out during Friday’s session...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot: Support:


Soybeans (November)


Fundamentals: Soybean futures got taken to the woodshed at the end of last week, trading as much as 75 cents lower in the final two days of the week. There were headlines from Reuters Friday morning that suggested lower biofuel blending mandates for 2020. Later in the day (after the markets closed) there was an article that said higher there would be higher mandates for 2022, relative to 2020 and 2021. Also, the fact that we were softer earlier in the week may have prompted some forced liquidation via risk departments ahead of the weekend.


Technicals: The market broke below 1300 ½-1306 ¾, which accelerated the selling pressure in Friday’s session. This will act as the new pivot pocket. A failure to reclaim ground above here could keep the pressure on. If the Bulls are able to achieve consecutive closes back above this pocket, we could see a bigger relief rally, potentially back to the breakdown point near 1345...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Wheat (December)


Technicals: Chicago wheat futures bled lower on Friday, along with the broader grain complex. In Friday’s morning report we wrote: “A failure to regain ground above 749 ¾-751 ¾ could trigger additional long liquidation, leaving the door open for a retest of 723 ½-725, the breakout point from August 2nd.”. Friday’s low was 723 ½ (a broken clock is right twice a day)...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


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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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