Grain Markets Ahead of WASDE

Grain Express Research Posts

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Corn

Technicals (December)

Corn futures were under pressure yesterday, closing at their lowest prices since September of 2021, which happens to also be the low end of the range from this September. The Bulls are attempting to fight back in the early morning trade with prices gravitating back into our pivot pocket from 472-476.  If the Bulls can chew through this pocket potentially se see some additional strength ahead of tomorrow’s WASDE report.  Ultimately, the path of least resistance remains lower, but short-term opportunities remain plentiful for participants on both sides of the market. 

Bias: Neutral/Bearish

Resistance:  484-486***, 499-502 1/2****

Pivot: 472-476 

Support: 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 (January)

January soybeans traded out above trendline resistance yesterday but ultimately failed and finished the day in negative territory.  News in the after hours of Chinese purchases of US Soybeans have reignited yesterday’s early morning strength with prices approaching our next resistance pocket, 1383-1390. If the Bulls can retain the early morning strength, that would be constructive to the chart (Captain Obvious), but another failure would likely lead to a further decline and retest of last week’s breakout pocket, 1332-1342.

Bias: Neutral

Resistance:  1383-1390**

Pivot: 1360-130

Support: 1332-1342****, 1322 3/4***, 1299 3/4-1303****

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)

Wheat futures traded on both sides of unchanged and finished the day marginally weaker, not enough to do any serious technical damage. The market is back higher this morning approaching our resistance pocket from 582-585.  If the Bulls can chew through this pocket, we could see additional relief take prices back to and above the technically and psychologically significant $6.00 level.

Bias: Neutral/Bullish

Resistance: 582-585***, 601 3/4-604 1/2***

Pivot: 568 1/2–570

Support: 540-547 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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