The Roller Coaster Continues


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Corn (July)


Fundamentals: Yesterday morning, the USDA announced a sale of 1,360,000 metric tons of corn, to China for the 2021/2022 marketing year. This morning’s weekly export sales report showed net sales of 277,600 MT for 2020/2021 were down noticeably from the previous week, but up 19 percent from the prior 4-week average. For 2021/2022, net sales of 4,061,800 MT were reported (primarily for China (3,740,000 MT).


Techncials: July corn futures had an impressive afternoon, finishing yesterday’s session nearly 25 cents off the low. So, what changed from the open to the close? Not much. This is an environment that is largely driven by money flow and emotions. That has led to some follow-through buying in the overnight and early morning trade. There is a big pocket of resistance from here up to 680. If the Bulls fail to reclaim ground above the upper end of resistance, we could start to see a bearish head and shoulders formation forming, something that we had talked about since the beginning of the week..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

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Support:

Soybeans (July)


Fundamentals: Yesterday morning, the USDA announced a sale of 142,500 metric tons of soybeans, to Mexico for the 2021/2022 marketing year. This morning’s weekly export sales report showed net sales of 84,200 MT for 2020/2021 were down 11 percent from the previous week and 45 percent from the prior 4-week average. For 2021/2022, net sales of 96,000 MT were reported.


Technicals: July soybean futures rolled over yesterday as the bears look to take control of the technical landscape. Previous support now becomes resistance, we have had that defined as 1574 ¾-1577 ¾. The Bear camp has a slight edge until the Bulls can reclaim that pocket, with conviction. Significant support comes in from 1490 ½-1506. This is a much wider pocket than we would typically use, but the daily ranges are also much wider, which throws a lot of technical indicators out of whack. If you have been short the market and are looking for an exit strategy, this would be the pocket to consider working orders in..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Chicago Wheat (July)


Technicals: In yesterday’s morning report we wrote about significant support coming in from 674 ¼-680, stating: “This pocket represents previously important price points, including the breakout point from April 22nd. If you have been short the market, this would be a spot to consider reducing/buying back those positions.”. We were hoping to see some relief back near the $7.00 handle to consider reinitiating a portion of those short positions..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:



Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938


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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.

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