Grain Markets Rebound (5.11.21)
Tomorrow’s WASDE report will be out at 11:00 AM
CLICK HERE FOR ESTIMATES!
Corn (July)
Fundamentals: Yesterday’s weekly export inspections report came in at 1,707,000 metric tons, within the range of estimates. It was reported that China canceled 280,000 metric tons of corn for the 2020/2021 marketing year, but this was more than offset by export sales of 1,020,000 metric tons to China for 2021/2022. Yesterday’s weekly crop progress report showed the U.S. corn crop is 67% planted, in line with estimates and 15% ahead of the 5-year average. 20% of the crop is emerged, which is a notch above the 5-year average.
Technicals: Corn futures were sharply lower yesterday, which should not have been all that surprising. Not surprising in the sense that sharp pullbacks are to be expected, not in the sense that the timing was predictable. That weakness spilled into the overnight session but has turned back into positive territory, after defending our pivot pocket from 698-701 ½. A break and close below this pocket could spur additional long liquidation..........Click this link to read the FULL report and receive our daily commentary
Bias:
Previous Session Bias:
Resistance:
Pivot:
Support:
Soybeans (July)
Fundamentals: Yesterday’s weekly export inspections report came in at 237,000 metric tons, within the range of estimates. Yesterday’s weekly crop progress report showed the U.S. soybean crop is 42%% planted, 2% ahead of expectations, and 20% ahead of the 5-year average pace. 10% of the crop has emerged, 6% ahead of the 5-year average pace.
Technicals: July soybeans managed to hold their own yesterday and last night, testing and defending our pivot pocket which we had laid out as 1574 ¾-1577 ¾. Prices have rebounded nicely and now they are within striking distance of new contract highs and the psychologically significant $16.00 handle. A move above here puts us back in “uncharted territory”, which makes the task of finding the next meaningful resistance point extremely difficult..........Click this link to read the FULL report and receive our daily commentary
Bias:
Previous Session Bias:
Resistance:
Pivot:
Support:
Chicago Wheat (July)
Technicals: July wheat futures got taken to the woodshed yesterday but have rebounded nicely in the early morning trade. Our pivot pocket from 746-753 ½ was the breakdown point, where the selling accelerated. This will now act as first resistance. A failure to get back out above this pocket with conviction could invite additional pressure into the market..........Click this link to read the FULL report and receive our daily commentary
Bias:
Previous Session Bias:
Resistance:
Pivot:
Support:
Sign up for your FREE trial of our daily Grain & Livestock Market Analysis!
Follow us on our social media sites to stay on the pulse of our latest research and commentary!
Twitter - twitter.com/bluelinefutures
Facebook - facebook.com/BlueLineFutures
YouTube - YouTube.com/BlueLineFutures
StockTwits - stocktwits.com/BlueLineFutures
Latest blog posts - bluelinefutures.com/agriculture
Blue Line Futures 312-278-0500
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.