Are Grain Markets Gearing Up For a Bigger Rally?

Research Posts Grain Express

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Corn

Technicals (December)

December corn futures had an impressive reversal in yesterday’s trade, making multi-year lows and trading into and defending our first support pocket from 460-464 1/2.  The ability to defend that pocket has moved our near-term bias from bearish territory to Neutral.  Thanks in part to a strong rally in soybeans, that helped propel corn prices right back to our pivot pocket in the afternoon session.  So far, the overnight trade has come with little follow-through, but it’ll all be about the 8:30 open when we get more trade participation. 

Bias: Neutral

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 soybean futures had a monster day yesterday, breaking out above trendline resistance and trading into our 3-star resistance pocket which we have outlined as 1383-1390. That pocket remains intact for today’s trade.  Prices have pulled back off that resistance in the overnight and early morning trade and tested previous resistance, so far holding.  Higher lows and higher highs are still intact which keeps the technically and psychologically significant $14.00 still in play. 

Bias: Neutral/Bullish

Resistance:  1383-1390***, 1398-1400**, 1415 3/4-1420***

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 consolidate within a wedge.  We continue to like the upside potential but need to see confirmation via consecutive closes back above 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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