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Grain Futures Prices Retreat

Grain Express

/ by BlueLineFutures | Leave a comment

The overnight sessions have been misleading over the last few days, will today be a similar story or will the selling persist?

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Corn

Technicals (July)
Our 3-star technical resistance pocket was tested and was defended again, we’ve had that defined as 471-474 3/4 (yesterday’s high: 472). What we said in yesterday’s report still rings true this morning with regards to that resistance pocket: “If you’ve been long the market, this may be a spot to reduce exposure. If you need to hedge, this is a spot to look at. Keep in mind that we have a WASDE report. If you’re in the camp that the short covering rally will continue, options are a great way to help manage risk. Feel free to reach out to our trade desk to discuss: (312) 278-0500. Part of the reason we encourage you to call the desk is because trading is not a one size fits all world. Everyone has different a different level of risk tolerance, time frame, objectives, etc.

Bias: Bullish/Neutral

Resistance: 471-474 3/4***

Pivot: 456 1/2-460 

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

ZCN2024_2024-05-08_07-09-56

Soybeans

Technicals (July)
July soybean futures traded into but failed against our 3-star resistance pocket yesterday, which we outlined as 1252-1259 (yesterday’s high: 1256 1/2). In yesterday’s commentary we noted: “If you’ve been long the market (futures or physical), this may be a spot to reduce or hedge that exposure.” We were looking at different options strategies yesterday for those who wanted to take action with that suggestion. As mentioned in the corn section, whether you’re a client or not and you’re reading these reports, we encourage you to call the trade desk to discuss strategies that might be suitable for you. The reason we encourage you to call the desk is because trading is not a one size fits all world. Everyone has different a different level of risk tolerance, time frame, objectives, etc.

Bias: Neutral/Bullish

Resistance: 1252-1259***, 1305 1/4-1311 3/4****

Pivot: 1220-1225 

Support:  1199 1/2-1204****, 1182 1/4-1186 1/4****

Displaying

Wheat

Technicals (July)

Wheat futures are leading the way lower in the early morning trade after stalling and failing against our resistance pocket in yesterday’s trade.  That has brought prices back near our pivot pocket from 635 1/4-639.  If the Bulls fail to defend this pocket on a closing basis we could see a continued retracement with the next support pocket coming in from 621 1/4-626 3/4.  

Bias: Neutral/Bullish

Resistance: 655-666****

Pivot: 635 1/4-639

Support:  621 1/4-626 3/4****, 590-595****

ZWN2024_2024-05-08_07-21-19

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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

Performance Disclaimer

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points that can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.

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All information, communications, publications, and reports, including this specific material, used and distributed by Blue Line Futures LLC shall be construed as, or is in the nature of, a Solicitation for entering into a futures transaction. Blue Line Futures LLC does not employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.

Seasonal Disclaimer

This message and its content is intended only for the person or entity to which it is addressed and should not be shared with additional parties. Seasonal tendencies are a composite of some of the most consistent commodity futures seasonals that have occurred in the past several years. There are usually underlying, fundamental circumstances that occur annually that tend to cause the futures markets to react in similar directional manner during a certain calendar year even if a seasonal tendency occurs in the futures, it may not result in a profitable transaction as fees and the timing of the entry and liquidation may impact on the results. No representation is being made that any account has in the past, or will in the futures, achieve profits using these recommendations. No representation is being made that price patterns will recur in the future.

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