Corn Futures Take Out the Previous Day’s High. Is the Bottom In?

Grain Express

by BlueLineFutures | Leave a comment

Corn, beans, and wheat have been under pressure for the last week. It are showing signs of life in the early morning trade. Is the market set up for a bigger relief rally?

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Corn

Technicals (July)

July corn futures are firm in the early morning trade after and are just a few ticks away from trading above the previous day’s high, which hasn’t happened in the last seven sessions.  Getting out above yesterday’s high of 444 1/4 would be a good achievement, but the more significant hurdle the Bulls want to get over comes in from 448-451.  If the Bulls can achieve that we could see an extension back to the origin of the selloff which comes in from 460 1/4-463 1/2.  Whether or not the strength can hold through the floor open will be the key.  We’ve seen strength in the mornings several times during this last leg lower only to get sold into when we get more participation at the 8:30 open. 

Bias: Neutral/Bullish

Resistance: 448-451****, 460 1/4-463 1/2***

Pivot: 444 1/4

Support: 433-436****

Soybeans

Technicals (July)

July soybeans tried to make a move higher yesterday morning but once again fell flat during the regular trading hours.  The silver lining is that the selling seems to have slowed (knock on wood).  Significant support remains intact from 1170-1175, that pocket represents the breakout point from the rally we saw in the first week of May.  If the bulls fail to defend this pocket, we could see prices continue to slide lower towards the lows of the year from 1140-1145.  On the resistance side of things, the Bulls want to see a close back above 1199 1/2-1204, which is both psychologically and technically significant. 

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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