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Grain & Cotton Express

Click this link to watch our weekly "2 Minute Drill"

A video breakdown of the grain and livestock markets

 

 

 

Corn (March)

 

Fundamentals: Export sales this morning came in at 161,900 metric tons, a marketing year low and 70% lower than last week's report,83% below the 4-week average.

 

Below are the estimates for today’s USDA report, out at 11am CT

Technicals: Little has changed on the technical landscape over the last 24 hours. 377-381 is a MUST hold pocket for the bulls, a failure to do so would put the bears in control and likely take us to retest the contract lows from September. 385 is the first line in the sand that the bulls want to close out above, but the more significant pocket is 390 ½-392. Consecutive closes above here would likely spark a bigger wave of short covering from funds.

 

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

 

Resistance: 390 ½-392***, 407 ¾-411 ¾****

Pivot: 385

Support: 377-381***, 365-365 ¾****

 

 

Soybeans

 

Fundamentals: Export sales this morning came in at 355,500 metric tons, up 8% from last week but 59% below the 4-week average. There are some doubts that the Phase-1 deal will be signed by January 15th and concerns that there is nothing substantive in it.

 

Below are the estimates for today’s USDA report, out at 11am CT

Technicals: The market has tested our support pocket multiple times this week, we’ve defined that as 933 ¾-937 ¼. If we see this pocket give way, we could see the market drift into the low 920’s, we will see this as buying opportunity. On the resistance side of things, the bulls want to reclaim 950 ½-955 to resume the uptrend and potentially take us to the October highs, 968 ½-970.

 

Bias: Neutral

Previous Session Bias: Neutral

 

Resistance: 968 ½-970****

Pivot: 950 ½-955

Support: 933 ¾-937 ¼***, 920-922 ¾****

 

 

Chicago Wheat (March)

 

Fundamentals: Export sales came in at 80,600 metric tons for 19/20, 74% below last week's report and 87% below the 4-week average. Estimates for this morning’s USDA report are as follows: US Ending Stocks, 969 million bushels. US Quarterly stocks: 1.917 billion bushels.

 

Technicals: The market worked higher yesterday, closing at the highest price since June 27th. The chart remains constructive, posting higher lows and higher highs for the past several months. With that said, we don’t see a lot of value at these prices. Significant resistance comes in from 572 ¼-573 ½. This pocket represents the double top highs from June.

 

Bias: Neutral

Previous Session Bias: Neutral

 

Resistance: 572 ¼-573 ½***

Pivot: 554 ½-557 ¼

Support: 536 ¼-538 ¾***, 527-529 ¼****

 

 

Kansas City Wheat (March)

 

Technicals: KC wheat continued to rally yesterday, closing at their highest price since July 12th. IF the bulls can achieve consecutive closes above 488 ½-490 ½, it will open the door for another leg higher. $5.00 is psychologically significant, but the longer-term objective would be the June highs, 545. Today’s USDA report will undoubtedly be a key catalyst in setting the tone for the next month.

 

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

 

Resistance: 488 ½-490 ½***, 498-500**, 509 ¾-513***

Pivot: 475-477 ¼

Support: 470-471 ¾****, 453 ¾-458 ¾***

 

 

Cotton (March)

 

Technicals: Cotton futures caught a bid yesterday which has led to follow through buying in the overnight and early morning session. Consecutive closes above 71.15 opens the door for a run at 72.34-72.80, retracing the breakdown point from early May.

 

Bias: Neutral

Previous Session Bias: Neutral

 

Resistance: 70.50-71.15**, 72.34-72.80****

Pivot: 69.07-69.20

Support: 66.93-67.13***, 62.81-63.73***

 

 

Feel free to contact Oliver with any questions or comments

Call or Text: 312-837-3938

Email: Oliver@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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