corn fields in countryside

Grains Stall Against Resistance 

Grain Express

/ by BlueLineFutures | Leave a comment

Grains retreat in the early morning trade after failing to gain ground to start the week.  These are the levels to watch for today’s trade.

A Choppy Start to the Week for Grain and Livestock Futures Prices

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ZCN2024_2024-04-30_05-28-21

Corn

Technicals (July)

July corn continued to flirt with our pivot pocket in yesterday’s trade and today looks like more of the same.  The Bulls want to defend 448-451 on a closing basis.  A failure to do so could trigger selling back to support from 441 3/4-444 1/2.  

Yesterday’s crop progress report showed 27% of the corn crop is planted, that was in line with expectations and 5% ahead of the average pace.  7% of the crop is emerged.

  • 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)
July soybeans are chopping around here as the market tries to figure out it’s next directional move. That choppiness has spilled into the overnight session with prices trading roughly a dime off the session lows. 4-Star resistance continues to be tested and it feels like the market wants to close above it, it just can’t. That pocket to watch on a closing basis comes in from 1182 1/4-1186 1/4. The next upside objective would be 1182 1/4-1186 1/4. On the flipside, the Bulls want to defend our pivot pocket on a closing basis, that comes in from 1169 1/4-1173 1/2. A break and close below this pocket would put the Bears back in total control of the chart.

Yesterday’s crop progress report showed 18% of the crop is planted, that’s a hair more than expected and 8% ahead of the average pace.

  • Bias: Neutral/Bullish
  • 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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