Crop Progress Pressures Grain Futures Prices

Grain Express Research Posts

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Grain futures retreat following a better than expected crop progress report.  Is there any hope left for a relief rally?

Corn

Technicals (December)

Yesterday’s crop progress report (for those still interested) showed good/excellent conditions at 59%, that was a 2% improvement from last week.  That has put corn prices back near yesterday’s low which coincides with the July lows and our support pocket, 480-482.  We are still in the camp that this pocket represents a good risk/reward trade to the buyside.  A break and close below would Neutralize that bias. 

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

Resistance: 518-525 3/4****, 540 1/2-545***

Pivot:  502-506 1/2Support: 480-482***, 476**

Support: 480-482***, 476**

ZCZ2023_2023-08-15_05-35-14

Soybeans

Technicals (November)
Yesterday’s weekly crop progress report showed good/excellent conditions at 59%, a 5% improvement from last week. An astounding 12% improvement in Illinois was the attention grabber which again raises questions about the validity of ratings to begin with.  Our 3-star resistance pocket was tested yesterday and again overnight, both times holding.  If the Bulls are able to chew through and close above this pocket, it could spark a bigger rally with the next objective coming in 15-20 cents higher.  Hotter and drier forecasts for middle to late August could be help support that technical move. 

Bias: Bullish/Neutral

Previous Session Bias: Bullish/Neutral

Resistance: 1324-1334***, 1350-1355**

Pivot: 1291-1300 

Support:  1282**, 1256-1260***

Wheat

Technicals (September)

September Chicago wheat continued to slide lower in yesterday’s trade, testing and holding our support pocket from 603-607.  That’s the lowest price since May 31st. The market was able to recover and finish off the lows (less bad), but the overnight and early morning trade is testing yesterday’s lows. The Bulls need to defend this pocket on a closing basis, a failure to do so could trigger a retest of the May low, 587 3/4. 

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

Resistance: 669-673***, 693 1/2-698 3/4***

Pivot:  622-632 Support: 603-607***, 587 3/4**

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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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