Weekly Export Inspections Summary
- Corn: Above the top end of expectations
- Soybeans: Within the range of expectations
- Wheat: Above the top end of expectations
Corn
Technicals (December)
December corn futures got shot out of a cannon yesterday, erasing losses from last Thursday and Friday which took prices right back to first resistance from 413 1/2-416. If the Bulls can chew through this pocket we could see an extension towards our next resistance pocket, 423 3/4-426 1/2. The Bulls have the advantage of the technical landscape to start the week, but they will need to defend 408 1/2-409 to prevent a retest of last week’s low.
Technical Levels of Importance
- Resistance: 413 1/2-416, 423 3/4-426 1/2*
- Pivot: 408 1/2-409
- Support: 401-403 3/4, 380-385
Crop Progress Update
Good/Excellent Condition: Unchanged at 65%. Expectations were for a decline of 1% to 64%.
Harvested: 14%. The average estimate was 16%.
Soybeans
Technicals (November)
Soybean futures came out of the gate strong to start the week which has spilled over to some strength in the early morning trade. Much of the coverage yesterday was on the back of hot and dry weather in Brazil, but as we were talking with clients the move seemed overdone for that news. Last night China announced the largest stimulus package since Covid, which now makes yesterday’s move make more sense and could create more of a tailwind in the midst of a market environment that seems overwhelmingly bearish. The market is now trading above resistance from 1041 3/4-1042. If the Bulls can keep this momentum going through today’s trade, we could see an extension towards 1082 1/2-1086 3/4.
Technical Levels of Importance
- Resistance: 1082 1/2-1086 3/4*
- Pivot: 1041 3/4-1042
- Support: 1031 3/4-1035, 1023-1024 1/2, 1000-1006 1/2
Crop Progress Update
Good/Excellent Condition: Unchanged at 64%. Expectations were for a decline of 1% to 63%.
Harvested: 13%, in line with the average analyst estimate.
Ready to dig in?
Subscribe to our daily Grain Express for fresh insights into Soybeans, Wheat, and Corn. Get our expert technical analysis, proprietary trading levels, and actionable market bias delivered right to your inbox.
Sign Up for Free Futures Market Research – Blue Line Futures
Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
On the date of publication, Oliver Sloup did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
