Grain Futures Surge Higher in Thursday’s Trade but Stall in the Overnight and Early Morning Trade

Grain Express

by BlueLineFutures | Leave a comment

Corn and soybean futures prices saw big rallies in Thursday’s trade but have so far failed to find any follow-through to the upside. Was Thursday’s trade just a relief rally or is there more upside to come?

Corn and soybeans had an impressive rally in Thursday’s trade.  A much-needed relief rally or something more? 

Corn

Technicals (July) July corn futures were able to erase nearly 5 days of losses in yesterday’s trade.  In yesterday’s report we talked about the market failing to take out the previous day’s high in each of the prior 7 sessions, but yesterday’s move out above the previous day’s high is likely what helped trigger some short covering and technical buying which propelled prices just north of our 4-star resistance pocket at 451.  With prices closing right at their high of the day we would have thought there would be some follow-through, but that has failed to materialize through the night and into the early morning trade.  444 1/4 will be the line in the sand that the Bulls would like to defend into the weekend, a failure to do so could throw a wet blanket on the newfound optimism. 

Bias: Neutral/Bullish

Resistance:  460 1/4-463 1/2***

Pivot: 448-451 

Support: 444 1/4**, 433-436****

ZCN2024_2024-06-07_05-29-11

Soybeans

Technicals (July) July soybean futures were able to hold our support pocket from 1170-1175 in the first half of the week which may have setup for some short covering in yesterday’s trade.  Yesterday’s strong performance took prices right to our pivot pocket from 1199 1/2-1204.  This pocket is psychologically significant, but it also represents a lot of previously important price points, along with the 50% retracement from the April lows to May highs.  If the Bulls can chew through this pocket, we could see an extension towards 1220-1225.  A failure and retest of support would likely be enough to break support. 

Bias: Neutral

Resistance: 1220-1225***, 1232 1/4-1236 3/4***

Pivot:  1199 1/2-1204 

Support: 1170-1175***, 1140-1145****

ZSN2024_2024-06-07_05-46-32

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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