The Calm Before the Storm?

Research Posts Grain Express

/ by nawadblueline | Leave a comment

The lack of new news has kept the grain markets relatively quiet to start the week, but is that about to change as attention shifts to South America?

Corn

News

  • Yesterday’s weekly export inspections report came in at 434,471 metric tons.  This was below the low end of expectations and well below last week’s 804k MT. 
  • Yesterday’s crop progress report showed the US corn crop is 45% harvested, in line with expectations. 

Technicals (December)

December corn is moderately lower in the early morning trade, mirroring that of the previous week’s trade where we saw a big move higher on Thursday, followed by three days of pressure. So long as the Bulls can defend our pivot pocket from 489-491, we remain fairly upbeat despite quiet trade. 

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 seasonal averages (updated each Monday) VS today’s prices (black line). 

*Past performance is not necessarily indicative of futures results.

Soybeans

News

  • Yesterday’s weekly export inspections report came in at 2,011,599 metric tons.  This was well above the top end of expectations and above last week’s 1,404,000 MT.
  • Yesterday’s crop progress report showed the US soybean harvest is 62% complete, 5% more than expectations.

Technicals (November)

November soybeans are knocking on the door of trendline resistance with last week’s highs just above that.  If the Bulls can chew through resistance we could see that encourage technical momentum higher with the next objective coming in near the cluster of major moving averages (and an important retracement level).  The 50, 100, and 200 day moving averages all come in from 1314 1/2-1323 3/4. 

Bias: Neutral/Bullish

Resistance:  1294-1299 3/4***, 1314 1/2-1323 3/4****

Pivot: 1280-1285 

Support: 1247-1257***, 1195-1200**

Seasonal Tendencies

Below is a look at historical 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

  • Yesterday’s weekly export inspections report came in at 354,771 metric tons.  This was in line with expectations.
  • Yesterday’s crop progress report showed the US winter wheat crop is 68% planted and 39% emerged. 

Technicals (December)

December Chicago wheat futures looked promising yesterday morning but failed to sustain that momentum through yesterday’s trade.  570 continues to be an inflection point for the market.  The Bulls want to defend this pocket through today’s trade to keep the hopes of a relief rally alive. 

Bias: Bullish/Neutral

Resistance: 585-587**, 595-601 3/4***, 612-616****

Pivot: 570 

Support: 540-541 1/2**

Seasonal Tendencies

Below is a look at historical 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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