Corn Trades Back Above $5.00!

Research Posts Grain Express

/ by nawadblueline | Leave a comment

Corn trades back above $5.00 for the first time in what seems like a lifetime, how much more upside could there be?

Corn

Technicals (December)

December corn futures were finally able to chew through the technically and psychologically significant $5.00 level which led to some overnight strength that took prices to their highest in nearly 3 months.  Previous resistance will now be support, that comes in from 499-502 1/2. On the resistance side, the 100-day moving average at 509 1/4 is the first barrier.  Keep in mind that in the prior two weeks we saw big moves higher on Thursday but that was followed up by selling pressure in the previous session on what was widely reported as harvest pressure ahead of the weekend. 

Bias: Neutral

Resistance: 511 1/4**, 523 1/4-525 1/2**** 

Pivot: 499-502 1/2 

Support: 489-491***, 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

Technicals (November)

November soybeans have traded into our 4-star resistance pocket which we have had outlined as 1317-1324.   As mentioned in previous reports this week, we view this pocket as a place for Bulls to consider reducing exposure and Bears to consider establishing positions.  With November options expiration next week, we would not be surprised to see a gravitational pull towards $13.00. 

Bias: Neutral

Resistance: 1317-1324****, 1333 3/4**

Pivot: 1299 3/4-1303 

Support: 1280-1285****, 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

Technicals (December)

December wheat futures traded to their highest level in what seems like a lifetime, when in reality it has only been about a month.  The market was able to close above resistance from 585-587 which has opened the door for a trade into our next resistance pocket, 595-601 3/4.  A break and close above that pocket could start to feed the Bull as it could encourage additional technial buying and short covering. 

Bias: Bullish/Neutral

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

Pivot: 585-587 

Support: 570**, 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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Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

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