Breakout Alert: Grains

Grain Express

/ by BlueLineFutures | Leave a comment

Grain futures prices had an impressive trading session on Thursdays, setting the stage for a potential breakout.

Corn & Soybeans Take Center Stage

Wheat was in the spotlight last week, but corn and soybeans took center stage in Thursday’s grain trade. Are these markets poised for a bigger rally?  Oliver Sloup was on RFD-TV sharing his thought on what could be next for grain prices. 

Volatility & Opportunity

The grain markets appear to be waking up from an extended winter hibernation.  We wouldn’t be surprised to see the volatility rise from here which could present some great trading opportunities!

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Corn

Technicals (July)
July corn futures finished yesterday’s trade right at the upper end of our significant resistance pocket at 460. The market is chewing through that in the overnight and early morning trade, if that strength can hold through the floor open, we could see an extension towards 471-474 3/4. Previous resistance from 456 1/2-460 will now act as our pivot pocket. A break and close back below there would start to neutralize some of the bullishness that has taken place over the last three sessions.

Bias: Bullish

Resistance: 471-474 3/4***

Pivot: 456 1/2-460 

Support: 448-451**, 441 3/4-444 1/2***


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Soybeans

Technicals (July)
July soybean futures broke out above our first resistance pocket yesterday, which we defined as 1182 1/4-1186 1/4. In yesterday’s report we wrote: “A close above this pocket could spark a move back to and potentially above the technically and psychologically significant $12.00 level.”. This is coincidently (or not) where the market traded to at the close. As mentioned in our interview with RFD-TV and AgriTalk yesterday afternoon, if the Bulls can defend the strength, it opens the door to the next resistance level which comes in from 1220-1225. Consecutive closes above that pocket and things could get interesting to the upside.

Soybean meal also popped on our radar this week and we were looking at ways to play that with clients via options. If you’d like to hear what we are looking at there, give our trade desk a shout: 312-278-0500.

Bias: Neutral/Bullish

Resistance: 1220-1225*, 1252-1259

Pivot: 1199 1/2-1204****

Support: 1182 1/4-1186 1/4*, 1169 1/4-1173 1/2


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Wheat

Technicals (July)
Chicago wheat futures had a choppy trading day yesterday but were able to defend our pivot pocket at the close, keeping it intact from 600-605. The market is moving back north and is on the verge of taking another shot at resistance. If the Bulls can chew through and close above 621 1/4-626 3/4 it could spark a move back to the December highs, north of 650.

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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