Grain Markets Reverse

Research Posts Grain Express

/ by nawadblueline | Leave a comment

Grain markets were higher early Friday but reversed which has led to additional weakness to start a new week of trade. What are the support levels to keep an eye on?

Corn

Technicals (December)

December corn futures saw a strong move higher last Thursday, but for the third straight week, prices were under pressure on Friday.  Despites Friday’s weakness, the chart still etched out higher lows and higher highs last week which favors the Bull camp.  To keep this trend intact, the Bulls will want to defend our pivot pocket from 489-491.

Bias: Neutral

Resistance:  499-502 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

Technicals (November)

November soybeans tested and failed against 4-star resistance last week which we had defined as 1317-1324.  That rejection has brought prices back below the technically and psychologically significant $13.00 level which could take prices to retest significant support from 1280-1285.  With November options expiration this week, we wouldn’t be terribly surprised to see a gravitational pull towards $13 into that expiration. 

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 Chicago wheat traded out above $6.00 on Friday but couldn’t sustain the momentum which led to a reversal that has bled into weakness to start a new week of trade.  The Bulls want to defend 585-587 through today’s close to prevent any further technical damage. 

Bias: Neutral/Bullish

Resistance: 601 3/4-604 1/2***, 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. 

Sign up for a 14-day, no-obligation free trial of our proprietary research with actionable ideas! Free Trial Start Trading with Blue Line Futures Subscribe to our YouTube Channel
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!

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



Blue Line Futures

141 W. Jackson Blvd., Suite 2620 Chicago, IL 60604

info@bluelinefutures.com
(312) 278-0500
(F) (888) 370-2221

Quick Links
Markets
About

© 2022 by Blue Line Futures, LLC. All rights reserved.
Futures trading involves substantial risk of loss and may not be suitable for all investors.

Privacy Policy Illustration by Freepik Storyset

Get in touch with us today.
Press the contact us button to reach out to us or take a look at our social media pages.

Contact Us


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

Performance Disclaimer

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.

To top