Grains Grind Lower

Research Posts Grain Express

/ by nawadblueline | Leave a comment

Grain markets traded lower in yesterday’s trade which has bled into the overnight and early morning trade. Will the selling continue or will bargain buyers step in?

Corn

Technicals (December)

December corn futures rolled back below our pivot pocket yesterday which continues to be monitored as a near term inflection point.  IF the Bulls fail to reclaim ground above this pocket we could see not just a retest of the recent lows, but new lows too.  The next support pocket below 460-464 1/2 comes in from 442-450.

Bias: Bearish/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)

The market rejected our resistance pocket yesterday, which we have had outlined as 1398-1400 (the high was 1398 1/2).  That rejection took prices back into our pivot pocket from 1383-1390 at the close.  Yesterday’s weakness has so far spilled into the overnight and early morning trade with prices now approaching our support pocket form 1360-1370.  We like looking at the bearish side of things so long as the Bears can continue to defend resistance. 

Bias: Neutral/Bearish

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

Pivot: 1383-1390

Support: 1360-1370***, 1332-1342****

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 broke below the lower end of the wedge yesterday which has led to additional weakness in the overnight and early morning trade and keeps the door open for a retest of support from 540-547 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. 

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.

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