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Grain Marketing Update

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Corn (July)

BREAKING: Our Ag Alert program issued a bearish trade recommendation for corn on Monday, contact us to learn more! or 312-278-0500

Fundamentals: Corn futures tried to recover losses from Tuesdays session but eventually fell short as a risk-off mentality swept through majority of markets. Yesterdays weekly EIA ethanol report showed production at 893,000 barrels per day, up 2,000 barrels/day. Ethanol stocks saw a decline to 21.0 million barrels. Increased production with lower stocks shows demand picking back up, a silver lining that has prevented recent weakness from getting worse. Export sales this morning came in at 461,700 metric tons for 2019/2020, up 29% from last week, but 11% below the 4-week average.

Technicals: Coming into this weeks trade we were looking for July corn futures to gravitate towards 330, an area of a lot of open interest for July option expiration on Friday. Our bias remains Neutral/Bullish, aka cautiously optimistic. Unfortunately, there has been some technical damage in the first half of the week which has triggered....Contact us for the FULL report!

Soybeans (July)

Fundamentals: July soybean futures have been retreating the last two sessions, leading to pressure in todays early morning trade. With little concern over threatening weather, the Bulls seem hesitant to aggressively add. Export data has been alright, but the rhetoric around trade has been holding things back. Export sales this morning came in at 601,900 metric tons for 2019/2020, up 12% from last week but 10% below the 4-week average.

Technicals: The market has pulled back to our pivot point, 869 . If the Bulls fail to hold this area into the close, we could see the market pull back to....Contact us for the FULL report!

Chicago Wheat (July)

Fundamentals: Weekly export sales came in at 518,700 metric tons for 2020/2021.

Technicals: Chicago wheat futures are showing signs of consolidation, a sign that we could be carving out a near term low, but still A LOT of work to do before neutralizing the bearish technical landscape. Previous support is now resistance, the Bulls need to reclaim ground above....Contact us for the FULL report!

Reach out to learn more about our new Ag Trade Alerts program or Sign up for your FREE trial of our daily commodity reports!

Call/Text/Email, Oliver with any questions. and 312-837-3938

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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