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Wheat Futures Hit 4-Star Resistance Overnight

Grain Express

/ by BlueLineFutures | Leave a comment

Wheat futures rallied to our 4-star resistance pocket in the overnight/early morning trade. Will that level be defended or is there more upside left?

2-Minute Drill: Soybeans and Lean Hogs

Soybeans were higher in the early morning trade but settled about a dime off the highs, what’s next? Lean hogs have been posting higher lows and higher highs since the start of the year. Are we nearing a top?

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ZCN2024_2024-04-25_07-32-02

Corn

Technicals (July)

July corn futures were underwhelming in yesterday’s trade, considering wheat tacked on another dime.  Futures have traded on both sides of unchanged overnight and are currently treading near unchanged.  Bulls will want to see 448-451 defended through today’s trade to keep the ball in their court, a failure to do so could take us back into 441 3/4-444 1/2. 

Weekly export sales showed net sales of corn at 1,299,900 MT for 2023/2024 were up noticeably from the previous week and up 74 percent from the prior 4-week average.

  • Bias: Bullish/Neutral
  • Resistance:  456 1/2-460****, 471-471 1/2***
  • Pivot: 448-451 
  • Support: 441 3/4-444 1/2***, 433 1/4-436****, 422 1/4-424 1/4***
ZSN2024_2024-04-25_07-36-21

Soybeans

Technicals (July)
July soybean futures made a nice move higher in the first half of yesterday’s trade but failed near the 50% retracement and retreated back near the 50day moving average and the unchanged marker by the end of the day. Our pivot pocket has been defended in the early morning trade, that comes in from 1169 1/4-1173 1/2. This pocket will act as a bit of an inflection point today, a failure to defend this could cause more pressure.

This morning’s weekly export sales report showed net sales of soybeans at 210,900 MT for 2023/2024 were down 57 percent from the previous week and 29 percent from the prior 4-week average.

  • Bias: Neutral
  • Resistance: 1182 1/4-1186 1/4****, 1199 1/2-1204****
  • Pivot: 1169 1/4-1173 1/2 
  • Support:  1150-1155**, 1140 1/4-1145 3/4****

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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

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