Flash Sale Alert:
Private exporters reported sales of 132,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.
Corn (March)
Seasonal Trend in Play: None
Fundamentals: Corn futures pulled back in yesterday’s session as weakness swept through the grain complex. Friendly forecasts for Argentina were one of several catalysts, including headlines overseas. Headlines regarding tensions between Russia and Ukraine will continue to be a key driver in price action and money flow. March options expiration is this week, there is a lot of open interest in the 650 calls, which may act as a temporary ceiling.
Technicals: Yesterday’s big move lower didn’t look good on the intraday chart, but zooming out on the daily, it didn’t do any significant technical damage. Our pivot pocket remains intact, we’ve defined this as 637 ¾-642 ½. A break and close below this pocket could spur long liquidation which could neutralize the near term technicals. On the resistance side of things.....Click here to get our (FULL) daily reports emailed to you!
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Soybeans (March)
Seasonal Trend in Play: March Soybeans (Click here for more information or email Seasonals@BlueLineFutures.com )
Fundamentals: Brazil’s harvest is continuing to pick up pace, which is also helping their export business pick up. Friendly forecasts in Argentia helped deflate some of the premium in yesterday’s prices. Outside of weather news, futures seem very fidgety on outside market money flow, which is pushing and pulling on any headlines regarding Russia and Ukraine. March options expiration is on Friday, this may also impact price action into the back half of the week.
Technicals: The market traded through support yesterday, but was able to narrowly close above it, which makes it less destructive than it could have been. The market has rebounded overnight, but it’s not enough to negate yesterday’s losses (as of now). If the Bulls can chew through and close back above 1577, we may see another push at.....Click here to get our (FULL) daily reports emailed to you!
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Wheat (March)
Seasonal Trend in Play: May Wheat (Click here for more information or email Seasonals@BlueLineFutures.com )
Technicals: Wheat futures were sharply lower yesterday but have found some stickiness on the 100-day moving average, 781 ¾. A failure to hold ground here could open the door for a bigger leg lower, with 735 ½-737 as the main objective. Obviously, a lot of this hinges on Russia/Ukraine headlines. A seasonal trend for May wheat started this week and lasts for.....Click here to get our (FULL) daily reports emailed to you!
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Support:
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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.
