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Is it time to buy grains?


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Blue Line Grain Express

Email Oliver@BlueLineFutures.com or AgHedging@BlueLineFutures.com

You can also reach us at 312-278-0500

If you would like to read our full Grain Express and watch our video commentary, please visit:BlueLineFutures.com

If you are reading this post from Barchart.com the links do not work, we encourage you to visit our site where you can find updated videos and research under the research section. www.BlueLineFutures.com

SOYBEANS (January)

Yesterdays close: January soybeans closed 7 cents higher yesterday, trading in a 10-cent range on the day. Funds were estimated buyers of 7,000 contracts during the session.

Fundamentals: Yesterdays NOPA crush report showed October crush at 164.2 million bushels, this was essentially in line with the expectations. Export sales this morning came in at 1,104,800 metric tons, China was the top buyer. This compares to the expected range from 1,100,000-1,500,000 metric tons, and compares to last weeks 1,160,60 metric tons. With harvest all but complete here in the States, the chatter has died down and attention has turned towards South America as the bulls and the bears wrestle with the different weather models and their effects on the prices.

Technicals. The market held the 61.8% Fibonacci well on the first test down at 968 , this will need to hold for bulls to stay in control. A retest of the level could lead to another technical breakdown and accelerated selling pressure from the funds who hold a decent net long position. Think of technical levels like a building and price like the wrecking ball, with each test (hit) it becomes weaker and with enough tests, it will break down. On the resistance side of things, previous support now becomes resistance. The bulls want to reclaim the pocket from 979 -984 . A wider gap than we would typically like, but this pocket contains the 50, 100, and 200 day moving average along with the 50% retracement from the June lows to the July highs.

Bias: Neutral

Resistance: 979 -984 ***, 999 -1004 **, 1014**

Support: 968 ****, 957-963 ****, 947 **

If you would like to read our full Grain Express and watch our video commentary, please visit:BlueLineFutures.com

If you are reading this post from Barchart.com the links do not work, we encourage you to visit our site where you can find updated videos and research under the research section. www.BlueLineFutures.com

Email Oliver@BlueLineFutures.com or AgHedging@BlueLineFutures.com

You can also reach us at 312-278-0500

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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.

 

 

Contributing author since 10/6/17 

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