Corn and soybeans were higher in today’s trade following better than expected new crop export data. These are the levels we are keeping an eye on as we head into Friday’s trade.
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Transcript: 6889 was last night we just ticked on 85. But we’re well off the lows by just over 100 points. Let’s bring in our next guest. And once he’s back and clean up for the day, he’s got exactly 120 seconds to let us know what he feels about everything. The floor is yours, sir Mr. Oliver Sloup Blue Line futures is coming to us from Chicago. What’s up,
mark that shot clocks got, well, nice and green on the screen outside of the wheat market. They’re continuing to kind of trade in their own little world struggle. But corn marked its third consecutive higher close and yesterday’s trade, which doesn’t sound like a lot, because quite frankly, it’s not. But it is the longest winning streak since May. And we’re working on tacking on to the adding another fourth day, we do have some overhead resistance for 25 and three quarters support twice, six and a half. Those were the highs from July 2, and July 5, if we can kind of chew through that little pocket there, I wouldn’t be surprised to see that spur. Some additional short covering maybe propel us towards that break down point from the June 28 quarterly report. And that comes into your 433. So still halfway optimistic that we can squeeze a little bit more out here in the corn market, but certainly not really holding our breath for anything significant to the upside on the soybean side of things. Kind of approaching this week’s highs 1186 and a quarter if we can get out above there again, potentially we see some more momentum and to Friday’s trade. We did have new crop exports come in above the average analyst estimate. And then we had a flash sale on top of that the first one since last Thursday. So silver lining starting to show up in these green market, which is certainly welcome to see Are you
are you telling your guys to reward it? Are you going to wait and see?
Well, you we’ve kind of been working with clients on trying to squeeze out a little bit more to the upside. I think we can get beans a little bit closer towards $11. We’re certainly going to be looking to be more proactive on protecting some things that haven’t been protected yet or people lifted hedges here recently to reestablish those on the corn market. Quite frankly, I wouldn’t be surprised Yes, just kind of chop around in no man’s land. So I think the upside is limited by here. So think the downside is somewhat limited in the corn market. So look, for more of a range bound trade. Get that volatility can’t come out of the market a little bit
sell strangles sell strangles okay. Thanks very much. 62. All right, let’s bring back in Oliver slope Blue Line futures coming to us all the way from Chicago. What stands out to you there Oliver.
You mentioned the a little bit of weakness in the lean hogs. It’s a very slight weakness at that. But we’ve have had a nice run here recently, nine of the last 10 trading sessions have been to the upside. So kind of hitting some big resistance level 78 to 79 for that October contract was support last fall and last winter and was the eventual kind of secondary break down point here in June. So we’re retesting that break down point wouldn’t be surprised see the market stall out and consolidate a little bit here. On the cattle side. Nice to see a strong move higher in these live cattle markets as they’ve been kind of stuck in a range here as of late but moving to the upside which is nice. As you know, see that cash market and futures board converge a little bit with the first notice day progress futures here about week, week and a half away. I mean,
it’s gonna be an interesting time here. I don’t think it’s just our markets. I’ve been mentioning this all day long, but we’ve got a big rains in that 10 year yield today bondsman all over the place. And then obviously you’ve seen what’s been going on in the equity so there’s nowhere to hide right now is they’re all over.
Their money is flying around. Right. You can’t even hide in the precious metals. Gold’s down like 60 bucks and silver down like five or 6% a buck 50 or so in the overnight trade.
Amazing. Isn’t it? Just amazing. All right. Great. I’m glad you brought that up. Thanks for that and Oliver Oliver Sloup, Blue Line futures. In Chicago. He’s watching the same stuff. I’m watching these as the money is flying around. Opportunity.
Hi, I’m Oliver Sloup, Vice President and co-founder of blue line futures. Join me on my journey for this year’s Pro Farmer craft tour August 21. To the 24th. I’ll be on the eastern leg which starts in Ohio goes through Indiana, Illinois, into Iowa and up to Minnesota. I’ll be sending out my normal daily grain market commentary as well special updates from the findings on my route throughout the day. Sign up for these updates by filling out the form on this page. And we’ll send you one of the best looking koozies around and I love corn koozie because who doesn’t love corn? Thank you and I look forward to you joining me on my journey.