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Fundamentals: March corn futures gave background yesterday on technical weakness along with the lack of any bullish headlines. Export sales this morning came in at 546,100 metric tons; down 32% from last week and 18% below the 4-week average. Weak demand has continued to be the thorn in the side of the bull camp, the MUST see this change in order to get the market moving north again. The next big-ticket item will be next week’s USDA report, we will have estimates out by Monday morning.
Technicals: We were optimistic and upbeat in yesterday’s report, but the market couldn’t get anything going in the midst of technical headwinds. The inability to break out above our pivot pocket, 381 ¼-382 ¾ is discouraging and a bit of a caution flag near term. A continued failure could take us back to....Sign up for your FREE two-week trial!
Fundamentals: January soybeans managed to rebound yesterday on positive trade headlines and technical relief. Export sales this morning came in at 683,800 metric tons, down 59% from last week and 55% below the 4-week average. Trade headlines will continue to be a bit of a wild card, outside of that, traders will be focusing in on next week’s USDA report, we will have estimates out by Monday morning.
Technicals: The market worked into our pivot pocket yesterday, we defined that as 879-882. If you had bought at lower prices, this would be a spot to reduce at the very least as the bears are still in control. If you’re more optimistic and have multiple contracts on you can consider keeping a core long position. A close above the pivot pocket could lead to more relief, taking prices closer to....Sign up for your FREE two-week trial!
Chicago Wheat (March)
Fundamentals: March wheat futures started yesterday’s session lower but managed to claw into positive territory by the close, carrying over into moderate strength in the early morning trade. Export sales this morning came in at 228,100 metric tons, down 63% from the previous week and 45% below the 4-week average.
Technicals: The market is treading water in our pivot pocket; we have defined that as 525 ¾-529 ¼. If the bulls can reclaim ground and close above here, we could see a run back at the recent highs. A failure here gives the bears a slight advantage. Support comes in from....Sign up for your FREE two-week trial!
Kansas City Wheat (March)
Technicals: Kansas City wheat futures managed to defend our 4-start technical support yesterday, 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!
Fundamentals: Weekly cotton exports came in at 163,700 RB, down 42% from the previous week and 36% below the 4-week average.
Technicals: Cotton futures managed to hold most of their gains yesterday which is lending hand to a positive early morning trade. The bulls want to see a conviction close above the 65 handle to encourage additional momentum, a failure to do so will....Sign up for your FREE two-week trial!
Feel free to contact Oliver with any questions or comments
Call or text: 312-837-3938
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.