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Grains at an Inflection Point Ahead of WASDE Report

Grain Express

/ by BlueLineFutures | Leave a comment

Corn and soybeans have been under pressure the last few sessions, bringing prices back near some pivotal price points ahead of today’s WASDE report.

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ZSN2024_2024-05-10_05-04-06

Soybeans

Technicals (July)
July soybean futures broke below our pivot pocket yesterday from 1220-1225 which opened the door for another leg lower, taking prices within a few pennies of our next support pocket from 1199 1/2-1204. As mentioned in our interview with RFD-TV yesterday afternoon, this is both a psychologically significant and technically significant pocket as it represents the 50% retracement of the recent move as well as the price pocket that helped aid in the acceleration higher. Those weak hands who chased the market higher last week are likely getting shaken out ahead of today’s WASDE report. If the Bulls can defend support through today’s session, we think that would bode well for the Bulls going into next week’s trade. Earlier in the week we had discussed looking at the short side (reducing long exposure or placing downside protection) against our resistance pocket from 1252-1259. From a technical perspective we feel that it would be prudent to lighten up if not neutralize that stance if you didn’t do so yesterday.

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

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Corn

Technicals (July)

July corn futures continued to slide lower yesterday but are attempting to defend our pivot pocket near 456 which represents an inflection area dating back to the start of the year with the most recent inflection being the breakout point from May 2nd (illustrated in the chart below).  As mentioned in yesterday’s report and interview with RFD-TV and AgriTalk, we see this as an opportunity to look back to the long side if you had reduced against our resistance pocket earlier in the week.  If you took a more bearish stance against resistance, this would be a spot to consider reducing exposure.  We do have a WASDE report this morning which could have a short-term impact on price action, but we think the market will move quickly past it. 

Bias: Bullish/Neutral

Resistance: 471-474 3/4***

Pivot: 456 1/2-460 

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

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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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