Grain Markets Slide in the Early Morning Trade

Research Posts Grain Express

/ by nawadblueline | Leave a comment

Grain markets have traded both sides of unchanged in the overnight session but have drifted lower through the early morning.

Corn

News

  • Weekly export inspections were reported at 550,585 metric tons.  Near the low end of expectations
  • Weekly crop progress showed corn harvest is 34% complete.
  • Thursday’s USDA report is scheduled to be released at 11am CT.  The average analyst estimate for the US corn yield is 173.5 bushels per acre, that would be down from 173.8 in last month’s report.  The average production estimate comes in at 15.121 billion bushels. 

Technicals (December)

December corn futures marked their third consecutive day of lower prices, the longest streak in nearly a month.  There is some support near the lows from last Wednesday/Thursday, 482 1/2.  If the Bulls can defend that it would mark a higher low on the chart.  A failure there opens the door for a retest of the lower end of the range, 472-476.

Bias: Neutral/Bullish

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

Pivot: 489-491

Support: 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

  • Weekly export inspections were reported at 1,036,223 metric tons.  Well above last week and above the upper end of expectations. 
  • Weekly crop progress showed US Soybean harvest at 43% complete.
  • Thursday’s USDA report is scheduled to be released at 11am CT.  The average analyst estimate for the US soybean yield is 49.9 bushels per acre, that would be down from 50.1 in last month’s report.  The average production estimate comes in at 4.134 billion bushels. 

Technicals (November)

November soybean futures were able to defend support from 1247-1257 again in yesterday’s trade which helped prices recover to finish the day closer to our pivot pocket.  That range will likely keep shorter term opportunities alive for traders on both sides of the market.  A breakout or breakdown could be the catalyst to spark a more directional trade. 

Bias: Neutral

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

Pivot: 1280-1285 

Support: 1247-1257***, 1195-1200**

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

  • Weekly export inspections were reported at 265,242 metric tons.
  • Crop progress showed winter wheat seedings at 57% complete. 

Technicals (December)

December wheat futures rejected trendline resistance and could be on the verge of making new contract lows if they cannot find their footing in today’s trade.  

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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