person holding a yellow corn

Is Corn About to Breakout? 

Grain Express

/ by BlueLineFutures | Leave a comment

Corn and wheat had a VERY constructive day yesterday which is aiding in an early morning rally.  More room to run?

2-Minute Drill: A New Month, a New Market? 

It was a big day for the markets as traders positioned for the first day of the month ahead of the Federal Reserve meeting which could add a tailwind to some markets. 

Corn

Technicals (July)
July corn futures posted their lows of the day in yesterday’s session in the first 15 minutes of the regular trading session, making new lows for the move but ultimately rejecting them and grinding higher through the remainder of the session to post highs of the day in the final 15 minutes. That puts futures prices right back near our 4-star resistance pocket from 456 1/2-460. If the Bulls can chew through and close above this pocket, we believe it could trigger wave of short covering that could take us back above 470 in relatively short order. A break and close back below our pivot pocket from 448-451 would neutralize our near-term optimism.

ZCN2024_2024-05-02_05-29-35

Bias: Bullish

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**

Wheat

Technicals (July)
July Chicago wheat tested and held 4-star support yet again in yesterday’s trade, a pocket that we’ve touched on countless times this week in our morning reports/videos/interviews. Prices are now working higher and trading north of our pivot pocket from 600-605. A close above this pocket warrants a move back in to the 620’s. We will continue to keep a close eye on the outside markets and other grains. If the US Dollar starts to soften, this could be an added tailwind for grains which could help these markets work back higher together, almost feeding on itself.

ZWN2024_2024-05-02_05-38-08

Bias: Bullish

Resistance: 621 1/4-626 3/4, 635 1/4-639, 655-666

Pivot: 600-605

Support: 590-595, 565-570, 550-552 1/4**

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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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