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Crop Conditions Come in Above Expectations

Grain Express

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The weekly crop progress report showed a surprise improvement for the US corn crop but prices are little changed overnight.


Watch yesterday’s interview with RFD-TV!

Grain and livestock markets have had a choppy start to the week as traders sift through the weekend headlines and gameplan for the week ahead.


Corn
Technicals (December)

December corn futures were modestly weaker to start the week, but it did little to change the technical landscape. Our pivot point remains intact at 409 with support below that coming in from 401-403 3/4. On the resistance side, 413 1/2-416 is the hurdle the Bulls want to get out above to spark another wave higher. The next resistance pocket above there is 421 3/4-423 3/4.

Technical Levels of Importance
Resistance: 413 1/2-416, 421 3/4-423 3/4*
Pivot: 409
Support: 401-403 3/4, 380-385
Below: Daily Chart of December Corn Futures.

Crop Progress Update
The weekly Crop Progress report showed good/excellent conditions for the US corn crop at 65%, up 1% from last week. Analysts were expecting to see a 1% decline to 63%. Harvest is now 9% complete, in line with expectations.


Soybeans
Technicals (November)

November soybean futures continue to consolidate in a narrowing range, which could be the market’s way of building up energy for a bigger directional move. Support and resistance levels from yesterday’s report remain intact. The chart appears constructive but seasonal weakness in the back half of September may keep buyers at bay.

Technical Levels of Importance
Resistance: 1023-1024 1/2, 1031 3/4-1035
Pivot: 1000-1006 1/2
Support: 984 3/4-991, 973 1/4, 950-955 1/4*
Below: Daily Chart of November Soybean Futures

Crop Progress Update
The weekly crop progress report showed good/excellent conditions for soybeans at 64%, this was a decline of 1% from last week and in line with expectations. The crop is 6% harvested.


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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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