Watch us on RFD-TV, today at 12:45 PM CT!
Sign up for your FREE trial of our daily Grain & Livestock Market Analysis and stay on the pulse ahead of the data release!
Corn (December)
Fundamentals: Today is the day that many of us have been waiting for, WASDE day! A brief history lesson: Last year’s bearish report helped cement the lows for the year. What is the lesson? How the market responds to the data can be just as important and sometimes more important than the actual data. You can find the estimates at the bottom of this email. This morning’s export sales report showed net sales of 377,600 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. For 2021/2022, net sales of 601,800 MT were reported.
Technicals: Corn futures were able to trade to the top end of the recent range, today’s USDA report could be the catalyst to give us the technical breakout that the Bulls have been cheering for. The next resistance pocket comes in from 569 ¼-573 ½. This pocket represents the July 6th gap, resistance from July 21st, along with other previously important price points. On the support side of things, the 100-day moving average is the line in the sand, that comes in at 546. A break and close below here could spur a wave of technical selling, opening the door for a move back towards the technically and psychologically significant $5.00 handle.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 557 ¾-560 ¾***, 569 ¼-573 ½****, 588 ½-591 ¼***
Pivot: 546-550
Support: 540 ¾-541 ¼****, 532 ¼**, 507-514 ¼****, 497 ¼-500 ¼**
Soybeans (November)
Fundamentals: This morning’s weekly export sales report showed net sales of 377,600 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. For 2021/2022, net sales of 601,800 MT were reported. You can find the estimates for today’s WASDE report at the bottom of this email.
Technicals: The market ran up above the recent highs yesterday, likely squeezing weak shorts out of the market, before retreating prices back to the 100day moving average, which the market has been glued to for the better part of the last two weeks.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1379 ½-1387 ½****
Pivot: 1348-1352 ¼
Support: 1325 ¾-1333***, 1300 ½-1306 ¾***, 1259 ¾-1267**
Chicago Wheat (December)
Fundamentals: This morning’s weekly export sales report showed Net sales of 293,100 metric tons (MT) for 2021/2022 were down 5 percent from the previous week and 32 percent from the prior 4-week average. You can find the estimates for today’s WASDE report at the bottom of this email.
Sign up for your FREE trial of our daily Grain & Livestock Market Analysis and stay on the pulse ahead of the data release!
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
info@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.
