Grain market attempt to stabilize following a sea of red in Monday’s trade.

Corn
Technicals (March)
Corn futures broke lower today which took us to the downward sloping trendline support from the July lows. We see this pocket acting as pretty good support. We had a Bearish bias coming into the week but that is Neutralized at these levels. If the Bulls can continue to defend the 475 area into first notice day for the December contract, we would look at moving our bias into Bullish territory.
Bias: Neutral
Resistance: 495-500****
Pivot: 485-489 1/4
Support: 472-475****, 460-464 1/2**

Seasonal Tendencies
Below is a look at historical seasonal averages for March corn futures (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.

Soybeans
Technicals (January)
January soybeans are managing to defend the last line of defense pretty well. 1323-1327 has been a bit of an inflection point for the market over recent months as it has been a battleground area between the Bulls and the Bears. So long as the Bulls can continue to defend this pocket, we will keep our bias with a bullish tilt. A break and close below and it opens the door for an accelerated move down to 1300.
Bias: Neutral/Bullish
Resistance: 1360-1362**, 1375-1380***
Pivot: 1346-1350
Support: 1323-1327***

Seasonal Tendencies
Below is a look at historical seasonal averages for January soybean futures VS this year’s price (black line), updated each Monday.
*Past performance is not necessarily indicative of futures results.

Wheat
Technicals (March)
March wheat futures made new lows yesterday. Previous “support” from 567-571 3/4 will now act as the first hurdle for the Bulls to overcome. A failure to do so keep the Bears in full control and keeps downside objectives from 540-547 1/2 open.
Bias: Neutral/Bullish
Resistance: 591 1/2**, 604-6081/2***
Pivot: 567-571 3/4
Support: 540-547 1/2***

Seasonal Tendencies
Below is a look at historical seasonal averages for March Chicago wheat futures VS this year’s price (black line), updated each Monday.
*Past performance is not necessarily indicative of futures results.

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