Corn, Soybeans, and Wheat Futures Rally

Research Posts Grain Express

/ by nawadblueline | Leave a comment

Grain futures prices are all higher in the early morning trade as volatility picks up across commodity markets following the Hamas attack on Israel.

Volatility

It was a volatile open for many commodity markets last night following the Hammas attacks on Israel.  Concerns over growing conflict will likely linger for the time being which could impact price action in commodities as a whole.

Corn

News

  • Managed Money funds trimmed their net-short position for the first time since the final week of August, and their net-short now totals 159,433 contracts. Broken down, that is 323,156 short positions compared to 163,723 long positions.

Technicals (December)

Corn futures had an impressive rally last Thursday but couldn’t find a lick of follow-through during Friday’s session.  Previous resistance is now acting as support, that comes in from 489-491.  We believe the Bulls have a near term technical advantage so long as they can defend that pocket.  A break and close below would neutralize our bias.  On the resistance side of things, 502-506 1/2 is the pocket we are keeping an eye on.

Bias: Bullish/Neutral

Resistance:  502-506 1/2***, 511 1/4**

Support: 489-491***, 472-476***, 460-464 1/2**

Seasonal Tendencies

Below is a look at historical seasonalities (updated each Monday) VS today’s prices (black line). 

*Past performance is not necessarily indicative of futures results. 

Soybeans 

News

  • Managed funds are holding an objectively neutral position, net-long just 5,001 contracts right now, which is just 68,593 long positions and 63,592 short positions.

Technicals (November)

November soybeans appear to be taking a page out of the corn book, which is continued consolidation in-between support and resistance from the mid 1250’s to the mid 1280’s.  A break and close below or above these levels could spark a more technical trade in that direction.

Bias: Bullish/Neutral

Resistance:  1300-1308 1/2***, 1322-1328****

Pivot: 1280-1285 

Support: 1247-1257***

Seasonal Tendencies

Below is a look at seasonal averages VS this year’s price (black line) for November soybeans (updated each Monday).  

*Past performance is not necessarily indicative of futures results. 

Wheat

News

  • Managed funds increased their bearish bets by increasing their net-short position to 98,788 contracts. That comes out to 70,744 long positions compared to 169,532 short positions.

Technicals (December)

Wheat futures are attempting to trade out above trendline resistance, price action during today’s regular trading hours will be more telling.  If the Bulls can confirm the overnight strength through today’s trade, that may be enough to spark a run higher with the next upside targets coming in from 585-587 and 595-599 1/2.  

Bias: Neutral/Bullish

Resistance: 585-587**, 595-599 1/2***, 612-616****

Pivot: 570 

Support: 540-541 1/2**

Seasonal Tendencies

Below is a look at seasonal averages VS this year’s price (black line) for December wheat (updated each Monday). 

*Past performance is not necessarily indicative of futures results. 

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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

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