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Blue Line Futures: What's next for the grain markets?

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December corn futures closed lower on Friday as the November options rolled off of the board. The market has remained range bound over the past few months on the lack of fundamental news. Funds have a rather large net short position for this time of year, Fridays commitment of traders report showed them net short 174,394 contracts, this was an increase of 3,710 contracts from the previous week. The market is desperately looking for a fundamental catalyst to provide a technical breakout or break down. With the funds holding a large net short, we feel here is more opportunity to the buy side, not to say we couldnt see things get worse before they get better. 352 is the line in the sand the bulls want to see a close above. This represents the 50-day moving average, an indicator we have not seen the market close above since July. Consecutive closes above could encourage short covering from the funds.

Soybeans found some strength Friday afternoon on the back of technical support from the 200-day moving average. This comes in at 982 for the January contract; November futures go off the board this week. We feel there is value in this market down to 974-76, this pocket represents the 50 and 100 day moving average as well as trendline support from the August lows. Harvest activity has likely picked up over the last week, we should get confirmation of that in Mondays crop progress report.

We write morning grain commentary and afternoon livestock notes every day for clients, covering the fundamentals and Technicals we are keeping a close eye on. Our analysis helps clients plan ahead for market moves. All too often market participants hope for a little more, hope is not a strategy. Please feel free to call or email: 312-278-0500 or

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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.

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About the author

Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.



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