Soybeans Firm to Start the Week

Research Posts Grain Express

/ by nawadblueline | Leave a comment

Soybean futures are higher in the early morning trade while corn and wheat continue to drift lower following last week’s bearish USDA report

Corn

Technicals (December)

December corn futures continue to drift lower, trading to multi-year lows following last week’s WASDE report which was uniformly bearish.  With that said, the fact that the market wasn’t 20 cents lower on Thursday was impressive. Support from 460-464 1/2 remains intact but is being tested.  A failure to defend this pocket could accelerate the selling pressure with the next support pocket coming in from 442-450.

Bias: Neutral/Bearish

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

Pivot: 472-476 

Support: 460-464 1/2**, 442-450***

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 rejected trendline resistance last week which brought prices back near our 4-star support pocket, 1332-1342.  We continue to like the upside potential in soybeans so long as the Bulls can continue to defend that significant support pocket.  A close back above our pivot pcoket from 1360-1370 opens the door for a retest of the recent highs and potentially more. 

Bias: Neutral/Bullish

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 continue to drift lower to start a new week of trade but so far, our pivot pocket from 568 1/2-570 remains intact.  The Bulls will want to defend this through today’s trade, a failure to do so could keep the pressure on.  Upside resistance comes in from 582-585.

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.

Oliver Sloup, VP & Co-Founder, Blue Line Futures
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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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