We are changing our bias in corn from Neutral to Bullish
Yesterday’s USDA report could have been enough to break the corn market below the low end of the recent range, but that didn’t happen. We refer to this as a “fundamental rejection”. If we see prices continue to stabilize and firm in the back-half of the week we could start to see a bigger short covering rally. For the May contract, we want to see consecutive closes above 389-390 to spark that bigger rally. 382 is the level the bulls must defend. We are utilizing several different strategies depending on the client, using futures, options, and a combination of the two.
We are changing our bias in soybeans from Neutral to Bullish/Neutral
Soybeans managed to climb higher again today, this time with more conviction. We think the bull camp now has the advantage, so long as they can defend the $9.00 handle through the back half of the week. This was previously support and the breakdown point from January 30th. We are utilizing several different strategies depending on the client, using futures, options, and a combination of the two.
Call/Text/Email Oliver with any questions!
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.