corn plant

Can Grain Futures Prices Rally ahead of the Weekend?

Grain Express

/ by BlueLineFutures | Leave a comment

Grain futures prices are higher in the early morning trade, will we see that rally continue through today’s trade and into the weekend on the back of weather uncertainty?

We were on RFD-TV yesterday afternoon sharing our thoughts on the grain and livestock markets!

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ZCN2024_2024-05-17_07-24-48

Corn

Technicals (July)

July corn futures continued to peel back in yesterday’s trade but have so far been able to defend the May 6th and May 9th lows at 454 1/4.  This price point is part of a price pocket that has acted as an inflection point for the market since the start of the year.  From a risk/reward perspective, we like the Bullish setup here, but a break and close below those lows would neutralize that bias.  The first hurdle the Bulls want to overcome from here is 465 1/4-466 1/2.  Keep in mind that it’s the last trading day of the week and we are in that time of year where bigger Sunday night gaps become more common, so manage your risk ahead of the weekend appropriately. 

Bias: Bullish/Neutral

Resistance: 471-474 3/4****, 483 1/2-486***

Pivot: 465 1/4-466 1/2 

Support: 454 1/4-456 1/2***, 448-451**

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Soybeans

Technicals (July)
Soybeans are higher in the overnight trade, retesting our pivot pocket from 1220-1225. The overnight trades have been suspect as of late, but if the overnight momentum can hold through the morning session, soybeans look poised for another leg higher with a potential retest of the recent highs in the cards, 1252-1259. A break and close below support from 1199 1/2-1204 would not only remove the bullish tilt from our bias, but likely flip it to outright bearish.

Bias: Neutral/Bullish

Resistance: 1232 1/4-1236 3/4, 1252-1259

Pivot: 1220-1225

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

Wheat

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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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