Grain Express 10/20/22
Posted: Oct. 20, 2022, 9:20 a.m.
Watch yesterday's Markets Now interview!
Watch us on RFD-TV, today at 12:45 PM CT!
Weekly Export Sales
Corn: Net sales of 408,300 MT for 2022/2023
Soybeans: Net sales of 2,335,600 MT for 2022/2023
Wheat: Net sales of 163,100 metric tons (MT) for 2022/2023
Cotton: Net sales of 84,500 RB for 2022/2023
A Look at the Outside Markets
Equity markets are mixed, crude oil is up 1.50%, and the U.S. Dollar moderately lower.
Corn
Yesterday's session was very similar to the Tuesday session, in the sense that we were weaker overnight, steady for much of the day, and then found some moderate buying in the last 20 minutes of trade. Yesterday's lows came in just above 3-star support, which keeps it intact from 668 1/2-672. A break and close below here would neutralize our bias. The Bulls want to see a conviction close or consecutive closes back above 680-684 to encourage another run back at the psychologically significant $7.00 handle. Today is the last day for the December corn seasonal, the line in the sand is 683 1/2.
Seasonal Trend in Play: December corn has been higher from October 10th-October 20th for 13 of the last 15 years.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Soybeans
Soybean futures tested and held 4-star support yesterday, that has been outlined in our daily reports as 1345-1355. The recovery from those lows has led to some additional buying in the early morning trade. If the Bulls can continue to defend those support levels, we could see prices drift back towards the top end of the recent range, 1407 1/2-1415 3/4.
Seasonal Trend in Play: November soybeans have been higher from October 4th-October 27th for 13 of the last 15 years.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Wheat
December wheat futures have been treading water near our 4-star support pocket, 839-849. If the Bulls fail to defend this pocket on a closing basis, it could cause additional weakness. With that said, if the Bulls can defend it, we could see the market work back towards the 100-day moving average, 884 1/4. Does that sound like we are talking out of both sides of our mouth? Because we are. This has been a choppy choppy market, which has kept our bias at neutral. I don't think there's anything that would surprise us in this market anymore.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Sign up for a Free Trial
Start Trading with Blue Line Futures
Don't have an account with Blue Line Futures?
Futures trading involves 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 identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Like this post? Share it below:
Back to Insights
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Free Trial