Blue Line – Grain Express September 10th, 2021
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| Corn (December) Fundamentals: This morning’s weekly export sales report showed net sales for the 2021/2022 marketing year, which began September 1, totaled 905,800 MT. The big-ticket item is the WASDE/Crop Production report, out at 11:00 AM CT. The average analyst estimate for yield is 175.8 bushels per acre. The average analyst estimate for harvested acres is 85.1 million and the average estimate for production is 14.942 billion bushels. Technicals: Technicals are little changed as consolidation over the last 48 hours has kept support and resistance pockets intact. The Bulls want to see a conviction close back above the top end of our pivot pocket (previously support) to encourage additional short covering, that comes in at 514 ½. A failure to do so keeps the Bears in control of the technical landscape. $5.00 is psychologically and technically significant, representing support from May and July. A break and close below here could spark additional long liquidation and take us to… Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. Soybeans (November) Breaking: September 10, 2021—Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year. Fundamentals: This morning’s weekly export sales report showed net sales for the 2021/2022 marketing year, which began September 1, totaled 1,471,900 MT. All eyes are on WASDE/Crop Production report, out at 11:00 AM CT. The average analyst estimate for yield is 50.4 bushels per acre. The average analyst estimate for harvested acres is 86.7 million and the average estimate for production is 4.377 billion bushels. Technicals: November soybeans are lingering near the low end of support, which we have defined as 1270-1277 ¼. A break and close below here could open the door for a run to … Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. Wheat (December) Technicals: Chicago wheat futures broke lower yesterday, closing below the 100-day moving average, 703, and the psychologically significant $7.00 handle. If the Bears can defend this pocket, we could see continued liquidation down to … Sign up for a Free Trial at Blue Line Futures to have our entire fundamental and technical outlook, actionable bias, and proprietary levels for the markets you trade emailed each morning. |
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