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Grain & Cotton Express

Corn (March)

 

Fundamentals: Yesterday’s weekly Crop Progress report showed that corn harvest is 84% complete, 1% behind expectations and 11% behind the 5-year average. This is the third slowest rate since data has been recorded, slower years were 1985 (83%) and 1992 (71%). Last week the USDA said that there were two sales to “Unknown”, one for 132,000 metric tons and one for 191,000 metric tons. The USDA came out yesterday and said that these were actually soybean sales. This is just another error from the USDA in a recent string of delayed reporting and misreporting; completely unacceptable. Weekly export inspections came in at 605,000 metric tons, within the range of estimates but still 57% lower, year over year.

 

Technicals: The market bumped up to our resistance pocket yesterday but was unable to attract buyers to stage momentum above it, keeping it intact. We’ve defined that resistance pocket as 381 ¼-382 ¾. A close above here could spark a round of short covering from the funds with the next resistance coming in closer to 390. On the support side of things....Sign up for your FREE trial!

 

 

Soybeans (January)

 

Fundamentals: Yesterday’s weekly Crop Progress report showed that soybean harvest is 94% complete, 1% behind expectations and just 3% behind the 5-year average. Weekly export inspections came in at 1,943,000 metric tons, above the top end of the range. Year over year, weekly inspections are up 18%. Last week the USDA announced two separate sales of corn to Unknown destinations, the USDA came out yesterday and noted those were actually soybean sales of 132,000 mt and 191,000 mt. Some are hopeful that we can get a Phase 1 trade deal before the end of the year, but it seems like a lot of hot air considering nobody can say what a Phase 1 deal would include.

 

Technicals: The bearish head and shoulders pattern continues to play out, taking prices to their lowest levels in two and a half months. 894-895 ¾ was support, that now becomes more of a pivot pocket for us. If the bulls cannot reclaim ground above here, we could see the selling pick up, taking us into....Sign up for your FREE trial!

 

 

Chicago Wheat (March)

 

Fundamentals: Chicago wheat was the leader yesterday, marching higher on the back of winter weather concerns here in the states along with dryer conditions in the Black Sea, Argentina and Australia. Did that really warrant that big of a move, probably not. Yesterday’s weekly export inspections came in at 421,000 metric tons, within the range of expectations and up 22% year over year. Yesterday’s Crop Progress report showed winter wheat conditions at 52% good/excellent, in line with expectations, 3% lower than last year’s rating.

 

Technicals: The market shot through resistance from 525 ¾-529 ¼ and made a run at our next pocket near 538, which represents the highs from last month. We don’t mind the short side of Chicago wheat at these prices, but....Sign up for your FREE trial!

 

 

Kansas City Wheat (March)

 

Technicals: Kansas City wheat futures rallied along with but slightly lagged the Chicago contract, widening the spread between the two. We’ve had our bias as Bullish/Neutral, but yesterday’s test into our resistance pocket has neutralized it, we’ve had that defend as 445 ½-449 ½. A pullback to....Sign up for your FREE trial!

 

 

Cotton (March)

 

Technicals: The bull camp got the conviction close out above 65.00 that they needed, now they need to defend this to keep control. So long as they can, we could see this relief rally get some legs and take us back to the top end of the recent range....Sign up for your FREE trial!

 

 

Feel free to contact Oliver with any questions or comments

Call or text: 312-837-3938

Email: Oliver@BlueLineFutures.com

 

BlueLineFutures.com

 

 

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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