Click this link for the full Export Sales report
Fundamentals: December corn futures were little changed yesterday, with little new news coming across the wires. Yesterday’s weekly ethanol report showed production increased 16,000 barrels per day, marking the seventh consecutive week of increases. Export sales this morning came in at 581,600 metric tons, a 19% increase from last week and 23% above the 4-week average. The bulls still want to see better numbers than this and on a regular occurrence.
Technicals: We wish there was something new and exciting to say, but the tightening ranges have kept our support and resistance levels and bias in check this week. We have defined resistance as 377-381 ¼, this was previously support, representing previously important price points, a key retracement, and the 50-day moving average. We believe the bears will remain in control until we see consecutive closes above this pocket. On the support side of things...Sign up for your FREE trial!
Fundamentals: January soybean futures were under pressure for much of yesterday’s session but managed to stage a rally into the afternoon, that momentum has spilled over into early morning strength. Yesterday the USDA announced a sale of 129,000 metric tons of soybeans to China. This morning’s export sales came in at 1,253,000 metric tons, 31% below last week but 5% above the 4-week average.
Technicals: The market was on the verge of another technical breakdown with prices treading water in what we defined a MUST hold 4-star support pocket, from 909 ½-913. As mentioned in yesterday’s report (and in other previous reports): “We believe this pocket represents a buying opportunity on the first test..”. The market has worked back to our first resistance, we have defined that as....Sign up for your FREE trial!
Chicago Wheat (December)
Fundamentals: December wheat futures finished yesterday’s session slightly softer as market participants lacked conviction following the previous two sessions that were packed with volatility. Export sales this morning came in at a dismal 238,600 metric tons, a 34% decrease from last week and 37% below the 4-week average.
Technicals: Looking at the last three weeks you can see that we’ve come into more of a sideways trade. With that said, we continue to believe the bear camp has the advantage until the bulls can breakout above our technical resistance pocket, we have had that defined as....Sign up for your FREE trial!
Kansas City Wheat (December)
Technicals: The market worked lower yesterday which has spilled over into early morning weakness. That weakness is bringing prices into our significant support pocket, we have defined that as....Sign up for your FREE trial!
Technicals: Cotton is as range-bound as it gets and if the bulls can’t get something going soon, we could see the tides shift. We’ve made lower highs this week, potentially taking us to lower lows. Resistance comes in from....Sign up for your FREE trial!
If you have any questions about markets, trading, or opening an account please let us know!
You can email us at info@BlueLineFutures.com or call 312-278-0500
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.