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Will Grain Markets Find Their Footing in June?

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets saw a rough end to the month of May which has spilled into some weakness to start a new week and a new month of trade. Is the top in or will the markets be able to stabilize?

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Corn

ZCN2024_2024-06-03_06-20-41

Technicals (July)
July corn futures had a rough go of it last week, which has bled into some minor weakness to start a new week and a new month of trade. Friday’s Commitment of Traders report showed Funds were net sellers of roughly 12k futures/options contracts, keep in mind that data is collected through Tuesday’s trade so it does not include the pressure we saw in the back half of the week. As of the report, Funds are net short 133k contracts, far less than the previous low in February which was nearly 341k contracts. If the Bulls fail to find their footing and reclaim ground above 448-451 we could see the slide continue with the next downside objective coming in the mid 430’s, which is where we started to carve out the short-term low through March and April. If that pocket gives way, the selling could accelerate and it might not stop until new lows are made.

  • Bias: Neutral
  • Resistance: 460 1/4-463 1/2, 471-474 3/4*
  • Pivot: 448-451
  • Support: 433-436****

Soybeans

ZSN2024_2024-06-03_06-31-40

Technicals (July)
July soybeans have gotten hit hard over the last week, which has carried over into weakness in the overnight and early morning trade. Previous support will now act as resistance, that comes in from 1199 1/2-1204. Until the Bulls can find their footing back out above this pocket the Bears remain in control of the technical landscape and just from looking at the chart, there appears to be quite a bit of air on the chart, a complete 180 from how things were looking just a week and a half ago. Tis the season for volatility.

  • Bias: Neutral
  • Resistance: 1220-1225, 1232 1/4-1236 3/4
  • Pivot: 1199 1/2-1204
  • Support: 1170-1175, 1140-1145*

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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