The Thanksgiving Week Grain Trade

Grain Express Research Posts

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A mixed morning in the grain markets as we enter a holiday trade and the week of December options expiration

Corn

Technicals (December)

Corn futures have traded on both sides of unchanged to start the shortened Thanksgiving week, which happens to coincide with December options expiration on Friday.  We wouldn’t be surprised to see a choppy trade, with the Bears still holding an advantage on the chart. 

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 broke through 4-star support on Friday which helped keep pressure on prices to start the week, trading to our next support pocket from 1323-1327.  That pocket has held which has helped pop prices back to 1346-1350, which will now act as a pivot pocket.  If the Bulls can chew through this pocket, we could see additional momentum aid in the recovery from the Thursday/Friday selloff.  We like leaning on the Bullish side from these levels and Bearish side near $14.  

Bias: Bullish/Neutral

Resistance: 1365-1370*** 1398-1400****

Pivot: 1346-1350

Support: 1323-1327***

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)

Wheat futures are on pace for their 5th consecutive day of losses, if realized that would be the longest losing streak since August.  Support comes in from 540-547 1/2, a break and close below that pocket and there’s not a lot of meaningful levels left.  A shortened holiday week coupled with options expiration may have an impact on prices this week. 

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 a 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 your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

Performance Disclaimer

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 that 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 that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.

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Seasonal Disclaimer

This message and its content is intended only for the person or entity to which it is addressed and should not be shared with additional parties. Seasonal tendencies are a composite of some of the most consistent commodity futures seasonals that have occurred in the past several years. There are usually underlying, fundamental circumstances that occur annually that tend to cause the futures markets to react in similar directional manner during a certain calendar year even if a seasonal tendency occurs in the futures, it may not result in a profitable transaction as fees and the timing of the entry and liquidation may impact on the results. No representation is being made that any account has in the past, or will in the futures, achieve profits using these recommendations. No representation is being made that price patterns will recur in the future.

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