Fundamental Spotlight
USDA Report out at 11am CT
Ukraine Advances
It's being reported that the Ukranian military has recaptured roughly 3,000 square kilometers of territory that was being occupied by Russia. That is roughly 740,000 acres.
US Dollar & Data
The US Dollar has retreated to trendline support (see chart below). There is a lot of inflation related data this week and a fed meeting next week that could have big implications for the currency and thus commodities such as grains.
Corn
December corn futures have been choppy since the Sunday night open as the market braces for today's USDA report. The market remains entrapped by the support and resistance levels, which keeps them unchanged into this week's trade. A breakout and close above 687 could open the door for a bigger directional move out above the $7.00 handle. A failure could take us back to the low end of the recent range, 647-650ish.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 682-685****, 700**, 725 3/4-728 1/4****
Pivot: 665-667
Support: 647 1/4-650 1/4****, 624-631***, 606 3/4**, 584 1/4-587 1/2****
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.
USDA Report out at 11am CT
Ukraine Advances
It's being reported that the Ukranian military has recaptured roughly 3,000 square kilometers of territory that was being occupied by Russia. That is roughly 740,000 acres.
US Dollar & Data
The US Dollar has retreated to trendline support (see chart below). There is a lot of inflation related data this week and a fed meeting next week that could have big implications for the currency and thus commodities such as grains.
Corn
December corn futures have been choppy since the Sunday night open as the market braces for today's USDA report. The market remains entrapped by the support and resistance levels, which keeps them unchanged into this week's trade. A breakout and close above 687 could open the door for a bigger directional move out above the $7.00 handle. A failure could take us back to the low end of the recent range, 647-650ish.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 682-685****, 700**, 725 3/4-728 1/4****
Pivot: 665-667
Support: 647 1/4-650 1/4****, 624-631***, 606 3/4**, 584 1/4-587 1/2****
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.