Click this link to watch yesterday's interview with RFD-TV!
Yesterdays Close: July corn futures finished yesterdays session up 1 cents, trading in a range of 13 cents.
Fundamentals: Yesterdays weekly Crop Progress report showed that the US corn crop is 92% planted, the lower end of the range of estimates. Crop conditions were unchanged at 59% good/excellent, a notch below expectations. Weather will continue to be the key catalyst as conversations over unplanted acres continues, along with conversations about yields on the crop that is planted. July option expiration is this Friday, this could put a speed bump in the rally.
Technicals: In yesterdays interview with RFD-TV we talked about FOMO, or Fear Of Missing Out and said multiple times that a pullback would be healthy for the corn market and that we were eyeing 450-455 for the December contract, that equates to....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
Yesterdays Close:July soybean futures finished yesterdays session up 12 cents, trading in a range of 13 cents.
Fundamentals: Yesterdays weekly Crop Progress report showed that the US soybean crop is 77% planted, up from 60% last week but 2% behind estimates and 14% behind the 5-year average. We got very bullish last week after the USDA left production numbers unchanged on Tuesday, we have rallied as much as 63 cents since then, so a breather would be welcomed and healthy for the market. July option expiration is on Friday, this could play a role in price action for the remainder of the week. Our bias remains friendly as we see weather being a growing factor.
Technicals: The market moved up to our 4-star resistance pocket in the overnight session, we defined that in yesterdays report as 920 -925 (overnight high was 921 ). This pocket represents....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
Yesterdays Close: July wheat futures finished yesterdays session down of a cent, trading in an 11 cent range.
Fundamentals: Yesterdays weekly Crop Progress report showed the spring wheat condition at 78% good/excellent, 3% below estimates. Winter wheat conditions were unchanged from the previous week at 64%, up 1% from expectations. In yesterdays interview with RFD-TV we talked about using these prices as an opportunity to sell and that wheat would be the grain that would turn the first and hardest, that has been proven true in the overnight and early morning trade.
Technicals: The market reversed yesterday which set the table for overnight weakness and has the market lingering near 4-star support which we defined in yesterdays report as....Get our full report (outlook/market bias/ technical levels) emailed to you every day, click HERE or email Oliver@BlueLineFutures.com
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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.