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Grain Express

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Corn (December)

 

Fundamentals:  Corn futures retreated yesterday morning on the back of harvest pressure, profit taking and no new news.  Due to Columbus Day on Monday, export sales were pushed back to Friday.  Price precedes news, we continue to put an emphasis on money-flow and technicals, that will tell the story of how harvest is going. 

 

Technicals:  The market pulled back to our pivot pocket near 390, a spot that we wrote about in yesterday’s report saying, “this would be the spot to consider getting that long exposure back on.”.  The trend has been higher lows followed by higher highs, so we view pullbacks as buying opportunities and rallies as a chance to reduce exposure. 

 

Bias: Bullish

Previous Session Bias: Bullish

 

Resistance: 400-402 ½***, 412 ¾-417 ¼****

Pivot: 390-392 ¾

Support: 377-381 ½ ****, 363-366***

 

Soybeans (November)

 

Fundamentals:  Soybean futures continued to pullback yesterday on a wave of profit taking as bulls run out of supportive headlines to propel the market higher.  Due to Columbus Day on Monday, export sales were pushed back to Friday.  We remain optimistic on prices as questions regarding production continue to mount.  Trade rhetoric has fell flat time and time again, but that’s not to say we won’t see more positively spun headlines in the coming weeks. 

 

Technicals:  Futures came within a stones throw of our first support pocket, we have defined that as 920-924, a spot that we said yesterday holds value to the buy-side.  Money-flow has been extremely encouraging across the grain sector over the last month and a-half, that can be seen on the charts of corn, soybeans, and wheat, higher lows followed by higher highs. 

 

Bias: Bullish/Neutral

Previous Session Bias: Bullish/Neutral

 

Resistance: 948-950****

Pivot: 936 ½-938 ¾

Support: 920-924**, 899-906 ¾ ****, 879 ½-882 ¾***

 

Chicago Wheat (December)

 

Fundamentals:  Chicago wheat bucked the trend and traded higher during yesterday’s session as fundamentalists point to hopes of improving demand.  Due to Columbus Day on Monday, export sales were pushed back to Friday.  Money-flow in grains is something we’ve been noting for the last month and a half, that continues to be a huge positive that is helping to drive technical short covering. 

 

Technicals:  The market pulled back into our technical support pocket from 500-506 ¼, in yesterday’s report we said: “If you’re bullish the market, this is the area to consider adding long exposure.  If you’re bearish the market, this is the pocket to reduce short exposure in.  Higher lows and higher highs have been the trend, we would not be surprised to see that continue.”.  The market has made those higher highs in the overnight session, but the bulls need to see confirmation when the floor opens, and we get more participation. 

 

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

 

Resistance: 525 ¾-531 ½****

Pivot: 515 ¾**

Support: 500-506 ¼****, 483-486 ¾***, 476 ¼****

 

Kansas City Wheat (December)

 

Technicals:  In yesterday’s report we wrote, “The market has pulled back into first support, we have defined that as 415 ½-420, we see value at these prices so long the market doesn’t break down below.”.  The bulls managed to defend that pocket and now prices are back up against resistance from 428-432 ¾, this is the breakdown point from the August 12th USDA report.  Just above that is 437-440 which represents a key retracement and the 100-day moving average. 

 

Bias: Bullish

Previous Session Bias:  Bullish

 

Resistance: 428-432 ¾****, 437-442**

Support: 415 ½-420**, 397-400***, 380*

 

Cotton (December)

 

Fundamentals:  Cotton futures managed to rally yesterday on the back of technical support and concerns that weather could deteriorate quality as we work our way through the harvest, which is estimated to be about 1/3rd complete.  Due to Columbus Day on Monday, export sales were pushed back to Friday.  We remain optimistic on prices as fundamentals and technicals continue to look very constructive.

 

Technicals:  The bulls were able to defend support near 62.50 earlier in the week which encouraged additional short covering and new buyers to step in.  That buying activity has take prices back to our 4-star resistance pocket from 65.00-65.85, a spot to consider reducing if you had bought earlier in the week.  If the bulls can chew through resistance, we could see an extension towards 68.35-68.60 in a relatively short amount of time. 

 

Bias: Bullish

Previous Session Bias:  Neutral/Bullish

 

Resistance: 65.00-65.85****, 68.35-68.60***

Support: 61.72-62.50****, 59.58-60.79***, 56.59-57.55****

 

 

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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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