Fundamentals: Corn futures lost some ground yesterday on broad based weakness in the grain sector. With little new news on the wires the market has been sideways for the last 7, going on 8 sessions. With thanksgiving tomorrow, you can expect volume to die down today. If you still have December futures on, you will want to roll before today’s close.
Technicals: The market has been trading sideways for the better part of the last two-weeks. Not the best price action for those who are looking for a lot of excitement, but there are still plenty of short-term opportunities within the recent range. Resistance comes in from....Sign up for your FREE two-week trial!
Fundamentals: Futures continued to tumble on technical weakness and favorable weather in South America, which is expected to have a big crop. There have been some whispers from an analyst at a large bank that a Phase 1 trade deal could get done over the weekend, but we are not holding our breath. In previous reports we’ve talked about the conflicting technicals and fundamentals keeping our bias at neutral (bearish technicals, optimistic fundamentals). With the market nearing support and the fundamentals still intact, we are shifting our bias towards the bullish side.
Technicals: The market drifted lower yesterday testing ang holding our next support pocket from 879-882. With the market deeply oversold we noted to clients during the session that we liked this as a buying opportunity on the first test with a tight leash. A break and close below, reset the position and see if you can’t be patient for....Sign up for your FREE two-week trial!
Chicago Wheat (March)
Techncials: Chicago wheat futures gave background early in yesterday’s session but managed to hold well into the close, giving the bulls an upper hand into the holiday break. Resistance comes in from....Sign up for your FREE two-week trial!
Kansas City Wheat (March)
Technicals: Kansas City wheat pulled back early on yesterday and managed to hold our pivot point to a T, we had defined that as 436 ¼. The reversal into the close was encouraging but the bulls really need to see a breakout above resistance from....Sign up for your FREE two-week trial!
Technicals: March cotton futures are giving back a little ground today but have been able to defend technical support so far, we’ve defined that as....Sign up for your FREE two-week trial!
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.