Fundamentals: March corn futures finished yesterday’s session little changed as market participants continue to look for new news on the wires. Those wires will probably be pretty bare until we get to next week’s USDA report, out on the 10th. Until then, our focus will be on crop developments in South America, along with money flow and technicals.
Technicals: The market has settled into our resistance pocket; we have had that defined as 381 ¼-382 ¾. The bulls need to see consecutive closes out above here, if they can achieve that we would expect to see a round of short covering take us back to....Sign up for your FREE two-week trial!
Fundamentals: The market seems more optimistic this morning on talks that the December 15th tariffs could get kicked down the road, that has been a bigger concern for the market(s) than a Phase 1 Deal. Outside of trade the market is focusing in on the South American crop development, weather has been friendly as of late. The next USDA report will be out on December 10th, 11am ct.
Technicals: January beans are trading in the green this morning, but will they hold when the floor opens? The market held our 4-star support pocket perfectly over the last two days, we have had that defined as 865-869 ½, and noted it as a great risk/reward buying opportunity. The market is working up to our pivot pocket, 879-882. The bulls want to see a conviction close above here to pen the door for more relief, potentially taking us to....Sign up for your FREE two-week trial!
Chicago Wheat (March)
Fundamentals: Chicago wheat futures gave back a lot of ground yesterday, erasing all of Friday’s gains and then some. Much of the weakness came on technical selling and concerns that the demand side of the equation may be slowing as we inch towards the new year.
Technicals: The market failed to get back above our pivot pocket which led to profit taking down to the low end of our support pocket, we defend that as 525 ¾, ¼ of a cent above where we closed. The market fished for stops in the overnight and has found some footing into the intermission. If the bulls cannot find buyers on the floor open, we could see the selling persist, the next objective for the bear camp being....Sign up for your FREE two-week trial!
Kansas City Wheat (March)
Technicals: Kansas City wheat futures have softened up some but are managing to hold 4-star technical support, we have defined that as 431-434. This pocket represents trendline support, along with the 50 and 100 day moving average. We are bullish until we see a breakdown below support. On the resistance side of things, the bulls need to see a close out above 449 ½-451 ¼, this could potentially spark a short covering rally to....Sign up for your FREE two-week trial!
Technicals: March cotton futures broke down yesterday, along with trade optimism. Those headlines reversed this morning which are offering support to the market. The technicals have softened up considerably over the last month and the bulls should tread lightly. The bears have an advantage until we see consecutive closes back above....Sign up for your FREE two-week trial!
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