Wait-and-See for Grain Markets Ahead of WASDE

Grain Express Research Posts

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Corn

Technicals (December)

Corn futures were able to catch a bid yesterday, which did just enough to help recover some of the losses from the previous day’s trade.  We’ve seen the yo-yo affect over the last several sessions as market participants look to get positioned ahead of today’s WASDE report. 
The average analyst estimate for the US Corn yield comes in at 173.2 bushels per acre, that would be up .2 from the October report.  That translates to a slightly higher production estimate which comes in at 15.079.

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)

It was Groundhog Day for soybean futures yesterday, trading identically to the previous day’s trade which was a higher overnight night/early morning trade that fizzled through the regular trading hours.   At the close, prices were right near trendline resistance, an inflection point as we head into today’s WASDE report. 

The average analyst estimate for the US Soybean yield is at 49.6 bushels per acre, unchanged from the previous month, which leaves production estimates near unchanged at 4.103 billion bushels. 

Bias: Neutral/Bearish

Resistance:  1383-1390**, 1400**

Pivot: 1360-1370

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)

December Chicago wheat futures had a solid rally yesterday, but many Bulls remain cautious as these rallies have been short lived for months.  If the Market can find some follow-through in today’s trade and breakout above resistance in the wedge (see chart below) then we could see additional upward momentum towards 601 3/4-604 1/2. 

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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