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Grain Express

October 9, 2019

Corn (December)

Fundamentals: December corn futures printed their highest price since August 12th (USDA report day) as funds continued to cover short positions ahead of tomorrows WASDE report and the looming freeze/snowstorm. Corn production estimates range from 13.446-13.833 billion bushels. Harvested Acres estimates come in from 80.80-82.02 million acres. Yield estimates range from 166.0-168.7 bushels per acre. If we get a neutral/friendly report to go on top of the winter weather, we could see the market continue to rally into the weekend. Having an exit strategy is important, if youre a shorter-term trader, consider targeting early next week as a point to capitalize.

Technicals: Finally, yesterday we got something to get excited about. The market moved out above resistance and is now approaching 398-401 which is psychologically significant but also represents the 38.2 retracement and the 200-day moving average. We believe the more significant resistance pocket is....Sign up for your FREE two-week trial!

Soybeans (November)

Fundamentals: November soybean futures have continued to rally into the early morning trade on the back of weather concerns and word that China will be buying more U.S. agricultural products. Tomorrows USDA report will be out at 11 am, the range of estimates for production is 3.525-3.660 billion bushels. The range of estimates for harvested acres is 74.8-75.9 million acres. The range of estimates for yield is 46.8-48.2 bushels per acre. If it wasnt for tomorrows USDA report our bias would be outright Bullish but remain Bullish/Neutral. Meaning we are bullish but wouldnt be buying aggressively.

Technicals: The market broke out above resistance and looks primed for a....Sign up for your FREE two-week trial!

Chicago Wheat (December)

Fundamentals: Chicago wheat futures took off yesterday, in tandem with the broader grain complex. Short covering ahead of tomorrows USDA report coupled with weather concerns in the norther grain belt helped kick of the buying spree in grains yesterday.

Technicals: Chicago made a run at our resistance pocket from 500-506 , this pocket represents the psychologically significant $5.00 handle, the breakdown point from the August 12th USDA report, along with the 100 and 200 day moving average. If the bulls can achieve consecutive closes above here, perhaps we see the market continue to run towards....

Kansas City Wheat (December)

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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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