Daily Grain Technicals & Fundamentals

Grain Express

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Corn (July)


Fundamentals: July corn futures caught a bid in the back half of last weeks trade but remain mostly range-bound as market moving news has been hard to come by. Fridays Commitment of Traders report showed funds sold a net 15,666 contracts, extending their net short position to 301,873. Crop progress will be released after the close, analysts are expecting to see 100% of the U.S. corn crop planted, good/excellent conditions are expected to come in near 76%, 1% higher from last week.


Technicals: Technical indicators have been turning up over the last month, albeit very slowly. Significant resistance remains intact, the top end of that coming in at 333. This is the line in the sand that the Bulls need to see a close out above to spark a more meaningful short covering rally. A breakdown below 320-325 would not only neutralize our bias, but likely give the Bear camp the technical advantage.


Bias: ---------------------

Previous Session Bias: ---------------------


Resistance: ---------------------

Support: ---------------------

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Soybeans (July)


Fundamentals: Soybeans finished Fridays session at the highest closing price since the end of March as funds continue to wade into a bigger net-long position. Fridays Commitment of Traders report showed funds bought a net 11,998 contracts through June 9th, extending their net long position to 19,132 contracts. Crop Progress will be released after the close, analysts are expecting planting to be 95% complete, with a good/excellent rating of 74%. NOPA soybean crush will be out at 11am, analysts are looking for 173.04 million bushels.


Technicals: The technical landscape for soybean futures continues to firm, keeping the Bulls in control. Significant resistance remains intact from 877 -882 , a conviction close above this pocket could spark a wave of buying, potentially taking us back to the technically and psychologically significant $9.00 handle. A break and close back below 857-861 (previous resistance) would neutralize our bias.


Bias: ---------------------

Previous Session Bias: ---------------------


Resistance: ---------------------

Support: ---------------------

....Contact us for the FULL report!


Chicago Wheat (July)


Fundamentals: Chicago wheat futures have been under pressure for the better part of the last two-months as funds continue to add to their growing net-short position. Fridays Commitment of Traders report showed funds sold a net 12,316 contracts, extending their net short position to 22,128 contracts. Crop Progress will be out after the close, spring wheat planting is expected to be 100% complete.


Technicals: The market is flirting with significant support; we have defined that as 491 -494 . This pocket represents the lows from the middle of March and the middle of May. This is a MUST hold area for the Bull camp. A break and close below opens the door for a potential retest of the contract lows from last September, 468 .


Bias: ---------------------

Previous Session Bias: ---------------------


Resistance: ---------------------

Support: ---------------------

....Contact us for the FULL report!



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Oliver@BlueLineFutures.com 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.