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Daily Grain & Cotton Commentary (12.6.19)


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Corn (March)

Fundamentals: March corn futures softened up yesterday on the lack of any friendly new news on the wires, and little expected until next weeks USDA report. Early estimates for ending stocks comes in at 1.919 billion bushels. Yesterdays weekly export sales report came in at 546,100 metric tons; down 32% from last week and 18% below the 4-week average. Weak demand has continued to be the thorn in the side of the bull camp, the MUST see this change in order to get the market moving north again.

Technicals: The market worked closer to technical support, we have that as 375-376 , this is a MUST hold area for the bull camp. A break and close below would open the door for a potential retest of contract lows near 365. On the resistance side of things, the bulls need to see consecutive closes above....Sign up for your FREE two-week trial!


Soybeans (January)

Fundamentals: January soybeans saw an extension of their relief rally yesterday, spilling over into strength in the early morning trade today. Much of the strength is on hopes that the December 15th tariff deadline will get kicked down the road, something that we suggested was likely earlier in the week. Buy the rumor, sell the news. Yesterdays export sales came in at at 683,800 metric tons, down 59% from last week and 55% below the 4-week average.

Technicals: The market worked up against our resistance pocket today, we have had that as 894-895 . We are working with clients to reduce long exposure and are starting to work orders to flip short. We mentioned earlier in the week that a rally to this point would likely be a relief rally and nothing more, the bears still control the intermediate term chart....Sign up for your FREE two-week trial!


Chicago Wheat (March)

Technicals: Chicago wheat futures are struggling to reclaim ground above our pivot pocket, 525 -529 . This failure puts the bear camp in a favorable position when it comes to risk/reward. Key support comes in from....Sign up for your FREE two-week trial!


Kansas City Wheat (March)

Techncials: Kansas City wheat futures have been threatening our support pocket for the last three sessions, weve had that defined as 431-434. This pocket represents trendline support, along with the 50 and 100 day moving average. We are bullish until we see a breakdown below support. On the resistance side of things, the bulls need to see a close out above 449 -451 , this could potentially spark a short covering rally to....Sign up for your FREE two-week trial!


Cotton (March)

Techncials: March cotton futures failed to sustain price action above the 65 handle yesterday, but are giving it another go in the early morning trade. The bulls want to see a conviction close above the 65 handle to encourage additional momentum, a failure to do so will give the bears a big advantage going into....Sign up for your FREE two-week trial!


Feel free to contact Oliver with any questions or comments

Call or text: 312-837-3938

Email: Oliver@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.



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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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