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Grain Express

October 2, 2019

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Corn (December)

 

Fundamentals: Corn futures achieved follow through yesterday as shorts continued to cover/buy back positions. With the quarterly stocks report behind us, attention will turn back to weather and yield reports from the field. We remain optimistic on prices, but our near-term technical objectives were reached so we are moving our bias from outright Bullish to Bullish/Neutral.

 

Technicals: In yesterday’s report we wrote: “The gap from August 12th is just a stone’s throw away at 392 ¾, this would be a spot to consider reducing long exposure. “, this was nailed to the T (A blind squirrel finds a nut every now and again). Previous resistance now becomes support, we see that as 381-383. This would be a spot to look at getting some of that long exposure back on.

 

Bias: Bullish/Neutral

Previous Session Bias: Bullish

 

Resistance: 392 ¾-394****, 405-407**

Support: 381-383***, 363-366***, 350-352 ¼***

 

Soybeans (November)

 

Fundamentals: November soybeans continued to rocket higher yesterday on the back of follow through buying/short covering from Monday’s USDA report. As with corn, attention will turn back to weather and yield reports from the field over the coming weeks. We continue to believe that the chart and money flow is constructive but are pulling our bias back to Bullish/Neutral from outright Bullish.

 

Technicals: Our 4-star technical resistance pocket was achieved yesterday; we had defined that as 914 ¾-915 ½. In yesterday’s report we noted: “This would be a spot to consider reducing long exposure.”. With this level hit, we are bringing our Bullish bias down to Neutral/Bullish. If your personal bias is bearish or need to hedge, this isn’t a terrible spot to consider selling.

 

Bias: Bullish/Neutral

Previous Session Bias: Bullish

 

Resistance: 924**, 936 ½-938 ¾***

Pivot: 914 ¾-915 ½****,

Support: 899-903 ¼***, 879 ½-882 ¾****, 869-871**

 

Chicago Wheat (December)

 

Fundamentals: December wheat futures looked weak but managed to rally into the end of the day, marking the fourth consecutive higher close. Money flow has been important to us over the past few weeks and we will continue to monitor that closely. If corn and beans give up ground, we would expect to see pressure spill into heat.

 

Technicals: $5.00 has been a significant resistance level for us, both psychologically and technically. We would not be surprised to see the market run out of gas after such a strong run over the last week. A pullback to 483-486 ¾ is not out of the question and would be healthy for the market. We are moving our bias from Neutral/Bullish to outright Neutral.

 

Bias: Neutral

Previous Session Bias: Neutral/Bullish

 

Resistance: 500-506 ¼****, 525 ¾-531 ½****

Support: 483-486 ¾***, 469 ½-470**, 442-446**

 

Kansas City Wheat (December)

 

Bias: Bullish/Neutral

Previous Session Bias: Bullish

 

Resistance: 428-432 ¾****

Pivot: 409-411

Support: 397-400***, 380*

 

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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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