Corn Futures Break Lower Post-WASDE, But What’s Next?

Grain Express Research Posts

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Corn

Technicals (December)

December corn futures broke lower yesterday, trading and closing at a new 2-year + year low, taking prices within a stone’s throw of our next support pocket from 460-464 1/2.  Bulls will want to see a close back above 472-476 to mute some of the Bearish technicals.  The silver lining for the Bulls is that the market held relatively well considering the bearish data that was put out.

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 soybean futures retreated before and after the release of the WASDE report.  Trendline resistance remains intact, but we are seeing prices retreat into a meaningful support pocket from 1332-1342, which was the breakout point from last week as well as several other technical indicators including a cluster of major moving averages.   We are moving our bias from Bearish territory back to Neutral/Bullish.  A break and close below support would neutralize that bias. 

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)

Chicago wheat futures rejected resistance yesterday, but the lower trade wasn’t enough to do any technical damage.  The market still looks like it’s poised to make another higher low, the Bulls just want to see a close back above resistance and a higher high for the move. 

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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