• Oliver Sloup

Weather Weather Weather

Corn (July) Fundamentals: Weather has been the King of the castle so far this week and will likely play a bigger role in price action than Thursday’s WASDE report (click this link to see the estimates). Some precipitation has made its way through areas of the Dakotas with the potential for more by the end of the week, removing some of that premium from the Sunday night open. As the forecasts change, so will the money flow.

Technicals: We love technicals, don’t get that wrong, but we acknowledge that this weather is a weather market, which is the main catalyst in price action and money flow. That doesn’t mean they are worthless; it just means that they take a backseat, and it likely means that there will likely be plenty of shorter-term trading opportunities for traders on both sides of the market..........Click this link to read the FULL report and receive our daily commentary

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Support: Soybeans (July) Fundamentals: As mentioned in the corn section, weather, particularly weather in the northern plains has been the main catalyst for price action this week and we expect that to continue. Rains moving through parts of the Dakotas with the potential for more by the end of the week has taken nearly 50 cents of premium out of the Sunday night highs (though still consolidating in that range). There is a WASDE report tomorrow, you can find the estimates here: click this link to see the estimates!

Technicals: July soybean futures are continuing to consolidate within the Sunday/Monday trading range (65 cents). With weather forecasts being at the forefront, techncials will take a bit of a back seat. With that said, we continue to believe there will be plenty of short-term/intraday trading opportunities for market participants on both sides of the market..........Click this link to read the FULL report and receive our daily commentary

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Previous Session Bias:

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Support: Chicago Wheat (July) Technicals: Chicago wheat futures failed at technical resistance yet again, 700-708 ¾, retreating to our pivot pocket, 679 ½-681 ½. This trading range has presented a lot of great short-term opportunities, we are looking to keep watching that until we see a breakdown or breakout. Longer-term, our bias remains on the bearish side of things..........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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