ZSN2024_2024-04-26_05-42-48

Grain Futures Consolidate Overnight

Grain Express

/ by BlueLineFutures | Leave a comment

Grain futures have had a quiet overnight and early morning trade. Will the market be able to finish the week on a high note?

Oliver Sloup was on RFD-TV yesterday afternoon with Scott the Cow Guy, sharing his thoughts on the recent rise in grain prices and the volatility we saw in the livestock trade.

We’ve shifted our focus to the July futures contracts as the volume starts to increase there and decrease in May futures. May options expiration is this Friday, which means first notice day is next week.  If you’re in May futures, you may consider exiting or rolling those positions

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Corn

Technicals (July)

July corn futures managed to stage a nice recovery in yesterday’s trade, erasing majority of the previous day’s losses.  With that said, there was still a lot to be desired as wheat continues to make new highs corn looks stuck in a rut.  These two markets don’t need to be highly correlated, but one would think a 5-day and 70ish cent rally would help corn futures a little more than they have. 

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***

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Soybeans

Technicals (July)
Yesterday’s trade was an about face to the previous day’s trade where we traded higher then back near unchanged, yesterday we traded lower then back near unchanged, about a 25-cent range in total, all to finish yesterday’s trade near unchanged. Surely this has shaken out some weak hands as the market searches for its next directional move. We lean on the more cautious side when it comes to soybeans and feel that if you’re a hedger, you may consider looking at options to help establish a floor while keeping the upside open. Volatility is still relatively low which may make options more appealing. Seasonally we see the volatility pick up into May and June.

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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