Time To Buy Soybeans?

Corn (December)


Fundamentals: December corn futures were mixed to start the week, finishing the session near unchanged. The USDA did announce a flash-sale to Mexico yesterday morning, 426,800 metric tons for the 2021/2022 marketing year. Weekly export inspections came in at 808,814 metric tons, above the previous week, but lower than the same week last year. Yesterday’s weekly crop progress report showed Good/Excellent conditions unchanged from the previous week (for those still paying attention to them). Harvest is 29% complete. StoneX (previously FCStone) put out their updated yield estimates yesterday, they have the national average yield at 176.6 bushels per acre.


Technicals: Corn futures made an attempt at our resistance pocket yesterday, 548 ½-553, but could not attract the conviction from buyers to push the market through. That pocket will continue to be significant going forward. A conviction close or consecutive closes above could spark.....Click here to get our (FULL) daily reports emailed to you!

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Soybeans (November)


Fundamentals: November soybean futures made new lows for the move yesterday and have found some moderate follow-through in the overnight/early morning trade. There is a holiday in China this week, which could help keep the news wires tame, including flash sales. Keep in mind that this holiday just didn’t pop up, it’s been known about so the lack of sales could be priced in to an extent. Yesterday’s weekly crop progress report showed good/excellent conditions unchanged at 58%. Once harvest is over 50% complete, conditions will not be reported. Yesterday’s report has harvest at 34% complete. StoneX (previously FCStone) put out their updated yield estimates yesterday, they have the national average yield at 51.3 bushels per acre.


Technicals: Sentiment is as bearish now as it was bullish over $1.00 higher, which means that the short trade may be getting a little too crowded. The RSI (relative strength index) is at 32.45, the lowest levels since posting the low on June 17th. Fundamentals remain suspect, along with the chart, but we see similar upside risk to downside risk here in the very near term. If you’ve been short this isn’t a bad spot to reduce that exposure or consider hedging the upside risk. If you want to be long the market, there’s a good risk/reward setup down at.....Click here to get our (FULL) daily reports emailed to you!

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Previous Session Bias:

Resistance:

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Support:


Wheat (December)


Fundamentals: Wheat futures attempted to continue higher yesterday but spent most of the session catching their breath from Friday’s surge. Weekly export inspections came in at 611,621 metric tons, well above the previous week and slightly lower than the same week last year. Yesterday’s crop progress report showed the winter wheat crop is 47% seeded and 19% emerged.


Technicals: Chicago wheat futures have pulled back to our pivot pocket in the overnight/early morning trade and have so far been able to defend it. We’ve defined that pocket as 744 ¾-750. A break and close below here could take us back to Friday’s breakout point, 733 ¼. As mentioned, several times over the last two weeks, the chart looks constructive, but we have a hard time getting excited about buying wheat over $7.00, so our bias.....Click here to get our (FULL) daily reports emailed to you!

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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