Grain Markets Weaker in the AM

Grain Express Research Posts

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Grain markets are softer in the early morning trade as we work our way into a holiday trade where volume is expected to thin through the week.

Corn

Technicals (March)

Corn futures are lower in the early morning trade, but all in all the market remains indecisively sideways as we get into the holiday trade.  With prices continuing to linger in our pivot pocket, support and resistance levels from last week remain intact this week.  Historically corn has shown signs of firming around this time of year, but we wouldn’t be surprised to see that delayed until we turn the calendar over into the new year.  Friday’s Commitment of Traders report showed Managed Money (Funds) holding a net short position of about 151k futures/options contracts, that’s about 9k fewer than the previous week. 

Bias: Bearish/Neutral

Resistance:  493-496 1/2****, 502 1/2-505***

Pivot: 481-484 

Support: 470-473****, 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)

Soybeans are struggling to use weather concerns in Brazil to their advantage, which makes us wonder where we would be trading if weather was friendly or if it turns more friendly.  On top of this mindset, we also saw Managed Money reduce their net long position for the fourth consecutive week, now down to just about 31k futures/options contracts, the smallest position since October.  With these things in mind, our bias remains Neutral/Bearish, aka cautiously bearish.  

Bias: Neutral/Bearish

Resistance: 1346-1352***, 1360-1362**

Pivot: 1323-1327 

Support: 1294 1/2-1300****, 1267-1272***

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)

Wheat futures traded into our 3-star resistance pocket on Friday, which we have had laid out as 622-631.  The market has so far stalled out against this pocket which could lead to another round of profit taking back to the low end of the recent range and our pivot pocket 608-611

Bias: Neutral/Bearish

Resistance: 622-631***, 645-650*** 

Pivot: 608 1/2-611 

Support: 591 1/2-595***

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

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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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