Grain markets had a nice rally to start the shortened holiday week, will we see that continue through today’s trade?

Corn
Technicals (March)
Corn futures were able to stage an impressive rally in yesterday’s trade, taking prices right to our pivot pocket from 481-484. If the Bulls can clear this hurdle, it could clear the way for a move back into the mid 490’s on the back of short covering.
Bias: Neutral/Bullish
Resistance: 493-496 1/2****, 502 1/2-505***
Pivot: 481-484
Support:Â 466 1/2-470****

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 (March)
March soybean futures saw a nice rally in yesterday’s trade, which was good enough to erase losses from last Thursday. The hurdle the Bulls want to get out above comes in from 1325-1330. Weather conditions and crop development in South America will likely be the key theme to price action at the start of the new year. We wouldn’t be surprised to see a choppy trade for the remainder of the week.
Bias: Neutral/Bullish
Resistance: 1340-1342***, 1360-1362**
Pivot: 1325-1330
Support:Â 1318-1320**, 1305-1314****, 1282-1285****

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 Chicago wheat futures were the leader to the upside in yesterday’s trade but have so far seen little follow-through in the overnight and early morning trade. The Bulls want to defend our pivot pocket from 618-622 to keep the ball in their court. A failure to defend this area on a closing basis would neutralize yesterday’s friendly trade.
Bias: Neutral
Resistance: 637-639**, 645-650***
Pivot: 618-622
Support:Â 608 1/2-611***, 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