August 19, 2019
We will be on RFD-TV at 9:45am CST!
Fundamentals: Corn futures had their biggest weekly decline in a very long time, thanks to an extremely bearish USDA report last Monday. Funds were estimated sellers of roughly 35,000 contracts from August 6th-August 14h, below previous estimates. Crop tours will be kicking off this week, this will be what most market participants will be watching this week. Weekly Crop Progress will be out after the close, expectations are for 58% Good/Excellent, up 1 % from last week, the 5-year average is 69%.
Technicals: In the back half of last week we talked about rallies likely being relief as the chart resembles that of a technical graveyard. The bears have full control over the chart until we start seeing prices stabilize above the gap at 392 ¾. With all of that said, just because the chart is bearish does not mean we are suggesting selling. Sometimes the best trade is no trade, we are keeping our bias at Neutral.
Previous Session Bias: Neutral
Resistance: 381**, 392 ¾***, 405-407**
Support: 363 ¾-369***
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.